JG Summit net income surges to P20B in 2014

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Net income grew by 48.7%

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JG Summit Holdings Inc, the holding firm of the Gokongwei family, said its core net income last year grew by 48.7 percent to P20.3 billion from P13.65 billion in 2013 on the back of the strong performance of the company and its subsidiaries, except its banking segment.

In a disclosure to the stock exchange, the company said its net income attributable to equity holders advanced by 75 percent to P18.25 billion from P10.43 billion, as its consolidated revenues went up 22.9 percent to P184.81 billion from P150.35 billion.

Its subsidiaries posted good results except its banking unit, Robinsons Bank, as its revenues dipped by 1. 2 percent to P2.72 billion from P2.75 billion in 2013 on a lack of extraordinary trading gains.

Snack food and beverage unit Universal Robina Corp increased revenues by 15.6 percent to P96.65 billion from P83.6 billion, while Cebu Air Inc’s revenues also went up by 26.8 percent to P52 billion from P41 billion.

Robinsons Land Corp’s revenues rose 8.5 percent to P17.43 billion from P16.54 billion, while JG Summit Petrochemical Corp’s sales grew nearly six times to P3.23 billion from P542.55 million.

The Gokongwei Group is planning to spend P35 billion in capital expenditures (capex) this year, down from the P50 billion capex in 2014, for its real estate, food and beverage manufacturing, airline and banking businesses.

Incorporated in 1990, JG Summit is in foods, agro-industrial and commodities, real estate and hotel, air transportation, banking and petrochemical. The company also has investments in telecommunications and power distribution.

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

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