JG Summit posts flat H1 earnings

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GOKONGWEI-LED JG Summit Holdings, Inc. said on Friday its net income for the first half of the year stood at P15.95 billion, little changed from last year’s P15.99 billion.

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The group’s consolidated net income for equity holders of the parent stood at P14.64 billion in the first half, down 16.5 percent from the P17.53 billion recorded a year ago, “due to the lower net income of our airline business which was affected by the rise in fuel prices, as well as some mark-to-market hedging losses for the first six
months of the year,” it told the stock exchange.

It said the depreciation of the peso against the greenback also affected its balance sheet.

Consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) was almost flat at P36.32 billion compared to last year’s P36.71 billion.

Its snack and beverage unit Universal Robina Corp. registered a 13.7 percent decline in net income for the first half of the year to P6.39 billion amid a drop in domestic beverage sales.

Robinsons Land Corp., JG Summit’s property unit, posted a consolidated net income attributable to equity holders of the parent of P2.92 billion, down 9 percent from last year.

Cebu Air, Inc., the country’s leading low-cost carrier, posted a 43.6 percent profit decline to P4.33 billion from last year’s P7.68 billion.

JG Summit Petrochemicals Group net income improved by 31.5 percent to P3.2 billion from last year’s P2.43 billion.

Robinsons Bank Corp. net income increased by 20.3 percent to P161.33 million from the P134.12 million posted in the same period last year.

JG Summit is the conglomerate owned by magnate John Gokongwei.

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