JG Summit 9-mth profit soars 88% to P15.85B

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THE GOKONGWEI-led JG Summit Holdings Inc. saw an 88 percent surge in net income from January to September on strong sales across its business segments.

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In a statement, the company reported a P15.85 billion net income for the first nine months compared with a year earlier.

Revenues rose 19.3 percent to P132.7 billion from P111.18 billion a year ago on robust performance by major subsidiaries.

Snack food unit Universal Robina Corp. boosted its nine-month net income to P8.55 billion from last year’s P8.44 billion.

Property subsidiary Robinsons Land Corp. posted a 6.4-percent increase in net income to P3.88 billion, while retail unit Robinsons Retail Holdings Inc. recorded a 33.3-percent net income growth to P2.3 billion from P1.8 billion last year on higher sales and interest income.

Cebu Air Inc. (Cebu Pacific) saw its net income surge 213 percent to P2.08 billion from P664.08 million a year ago on higher passenger volumes.

Power generation unit JG Summit Petrochemicals Corp., on the other hand, saw a 40 percent drop in net income to P495.76 million from P804.38 million a year ago on the technical shutdown of production because of the ongoing expansion and rehabilitation of its first integrated polyethylene and polypropylene plants.

Robinsons Bank Corp. reported a 59 percent drop in net income to P175.39 million for the nine-month period on industry-wide lackluster trading gains.

Incorporated in 1990, JG Summit is the holding firm of the Gokongwei family’s businesses in food, agro-industrial and commodities, real estate and hotel, air transportation, banking and petrochemical. The company also has investments in telecommunications and power distribution.

The subsidiares are JG Summit Petrochemical Corp., CP Air Holdings Inc., URC, Robinsons Land, and Robinsons Bank. It has 8-percent interest in Philippine Long Distance Telephone Co. and 27.1-percent stake in Manila Electric Company.

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