• JG Summit H1 profit grows 30.6% to P17.53B

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    GOKONGWEI-LED JG Summit Holdings Inc. said its consolidated net income in the first half of the year grew by 30.6 percent from a year ago driven by the strong performance of its airline and petrochemicals businesses.

    JG Summit said consolidated net income rose to P17.53 billion in the first half from P13.43 billion in the same period last year as lower fuel prices boosted revenues from its airline operations.

    It said consolidated revenues grew 4.9 percent to P119.38 billion from P113.84 billion a year ago as all business segments posted solid performances.

    Airline arm Cebu Air Inc.—operator of budget carrier Cebu Pacific Air—saw first-half sales grow 12.2 percent to P33.09 billion from P29.51 billion a year ago, boosted by increases in passenger volume and average ancillary revenue per passenger.

    It said passenger volume rose 8.7 percent while average ancillary revenue per passenger increased 10.4 percent in the January to June period versus last year.

    Its petrochemicals business under JG Petrochemicals Group saw revenue jump 6.8 percent to P12.97 billion from P12.15 billion a year ago on the higher volume of polymers sold and olefins exported.

    Its property subsidiary Robinsons Land Corp. posted an 11.1 percent rise in revenues to P10.87 billion from P9.79 billion a year earlier driven by the additional revenue contribution of its three new malls and three office buildings.

    Food and beverage unit Universal Robina Corp. grew its revenues to P55.46 billion from P54.93 billion on gains by the sugar, feeds, and renewable energy segments, although this was offset by weak sales of its international branded consumer foods group, particularly in Vietnam.

    Its banking arm Robinsons Bank Corp. recorded a 14.5-percent increase in first-half revenues to P1.62 billion from P1.41 billion previously on higher interest income.

    Its other supplementary business from associates and joint ventures saw a 12.5 percent decrease in revenues due to lower commissions and rental income.

    JG Summit said operating expenses in the period went up to P90.96 billion from P88.7 billion a year earlier due to higher selling, general and administrative expenses, particularly in its food and airline businesses.

    JG Summit controls the Gokongwei family’s businesses food and beverages (Universal Robina Corp.), budget airlines (Cebu Air Inc.), property (Robinsons Land Corp.), banking (Robinsons Bank), and petrochemicals (JG Petrochemicals).

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