JG Summit core net income up to P22.7 B in 9 months

MANILA, Philippines — JG Summit Holdings Inc., the conglomerate of the Gokongwei family, reported a core net income of P22.69 billion from January to September, a slight increase from the P22.63 billion posted a year ago.

The company’s businesses include airlines, property, retail, petrochemicals and food. The airline business, which was affected by the rise in fuel prices, as well as some hedging losses during the period, dampened growth.

JG’s consolidated revenue, meanwhile, grew 14 percent to P202.64 billion from P177.8 billion a year ago.

Universal Robina Corp., the snack foods company, reported a net income of P8.41 billion during the period, down 21.2 percent from P10.67 billion a year ago due to lower operating income and foreign exchange gains.

Robinsons Land Corp., the property company, reported consolidated net income of P4.57 billion, a slight increase from last year.

For the airline business Cebu Air, the company reported a net income of P4.38 billion, a decrease of 38.3 percent from P7.10 billion a year ago.

The budget carrier incurred a hedging loss of P674.84 million during the nine month period, from hedging gain of P899.92 million in the same period last year.

JG Summit Petrochemicals Group, meanwhile, posted a net income of P4.97 billion, up 24.3 percent from P4 billion a year ago.

Robinsons Bank Corp. generated banking revenue of P3.24 billion, up 28.8 percent from last year’s P2.51 billion, as a result of higher interest income, commission income and trading gains for the period.

Operating costs and expenses also increased as the bank continued with its expansion.

Equity in net earnings of associated companies and joint ventures, likewise grew 18.5 percent to P7.52 billion from last year’s P6.35 billion.

These include the equity earnings from Global Business Power Corp. amounting to P479.90 million during the nine month period, while equity earnings from Manila Electric Co. increased to P4.33 billion from P4.09 billion a year ago.

Another Gokongwei-owned company, Robinsons Retail, meanwhile, posted nine month income of P3.5 billion, up 5.8 percent from P3.3 billion a year ago.

Consolidated net sales during the period grew P81.18 billion, up 10 percent from P73.8 billion a year ago, brought about by the resilient same store sales growth and the sales contribution of the new stores.

As of end-September, Robinsons Retail had a total store count of 1,658. With the 1,982 franchised The Generics Pharmacy, the store network has a total of 3,640 stores.