JG Summit 2015 net up 24% at P22.6B

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JG Summit Holdings Inc. on Tuesday said earnings last year grew by a quarter to P22.61 billion, mainly propelled by its airline and petrochemical businesses.

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In a disclosure to the Philippine Stock Exchange on Tuesday, the Gokongwei-led conglomerate said consolidated net income rose by 24 percent to P22.61 billion from P18.25 billion a year earlier.

Consolidated net income from equity holders of the parent amounted to P22.61 billion, higher by 23.9 percent from P18.25 billion in the same comparable period.

“The increase is lower compared to the growth of core net income because of foreign exchange losses caused by the depreciation of the peso versus the dollar by more than P2 by year-end 2015, as well as mark-to-market losses mainly from Cebu Air’s fuel hedging losses last year,” the company noted.

Consolidated earnings before interests, taxes, depreciation and amortization (Ebidta) reached P63.79 billion, up nearly 30 percent.

Consolidated revenues grew by 24.1 percent to P229.27 billion from P184.81 billion due to the strong performance of the following core subsidiaries:

* Universal Robina Corp.’s revenues increasing by 16 percent to P112 billion from P96.65 billion

* Robinson’s Land Corp.’s revenue was higher by 16.4 percent to P20.30 billion from P17.43 billion

* Cebu Pacific’s total revenue went up 8.7 percent to P56.50 billion from P52 billion

* JG Petrochem group revenues increased substantially to 26.78 billion from P3.23 billion from as the unit commenced integrated operations in November 2014

* Banking revenue increased by 9.3 percent to P2.97 from P2.72 billion

* Revenue from supplementary businesses recorded a 21 percent increase on higher commission income and outsourced revenue

However, revenues from core investments declined sharply by 43.9 percent to P2.85 billion from P5.07 billion on narrower dividend income.

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