• JG Summit H1 profit soars 151% on brisk sales

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    THE Gokongwei family-led JG Summit Holdings Inc.’s first-half net profit jumped 151.3 percent on the back of the strong performance of its major subsidiaries.

    In a statement, JG Summit said net profit grew to P13 billion in the first half from P5.17 billion in the same period last year.

    Consolidated revenue in the period climbed 17.1 percent to P88.53 billion thanks to higher sales at units Robinsons Land Corp., Universal Robina Corp. (URC), Cebu Air Inc., JG Summit Petrochemical Corp. and investments in United Industrial Corp. and Manila Electric Co. (Meralco).

    Unit URC saw sales grow 13.5 percent to P45.7 billion; Cebu Air recorded a 23 percent rise in sales to P26.72 billion; while sales at Robinsons Land grew 6.7 percent to P8.45 billion.

    However, unit Robinsons Bank Corp. suffered a slump in sales and earnings amid an industry-wide decline in trading gains compared to last year.

    Net income at Robinsons Bank fell 66.9 percent to P125.62 million from P379.5 million, as revenues plunged 92.7 percent to P30.07 million from P411.64 million a year ago.

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

    The firm’s subsidiaries are JG Summit Petrochemical Corp., CP Air Holdings Inc., URC, Robinsons Land and Robinsons Bank. It has an 8-percent interest in Philippine Long Distance Telephone Company and a 27.1-percent stake in Meralco.

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