JG Summit earnings rise to P16.2 B in 9 months

MANILA, Philippines – JG Summit Holdings Inc. reported a consolidated net income of P16.1 billion in the first nine months, up by only 2.6 percent due to higher losses on foreign exchange and market valuations.

Consolidated revenues grew by 27.4 percent to P169.78 billion due to the strong performance of its food, property, airline and petrochemicals businesses.

Universal Robina Corp. saw its net profit increase by 8.7 percent to P9.46 billion in the nine months ending September  as revenues expanded by 17.8 percent to P82.04 billion. The increase was  due to improved sales of its branded consumer group which includes Griffin’s NZ, which was consolidated starting mid-November 2014.

Earnings of Robinsons Land Corp. expanded by 23.8 percent to P4.18 billion on the back of a 15.5 percent growth in revenues to P13.32 billion.

Cebu Air’s nine-month profit jumped by 71 percent to P3.56 billion. Gross revenues went up by 9.9 percent to P42.26 billion, largely due to  the increase in passenger revenues.  Passenger volume rose nine percent to 13.65 million while cargo revenues went up by 10.2 percent to P2.49 billion.

The 10 percent hike in the the number of flights also contributed to the higher passenger revenues.

JG Summit Petrochemicals Group, which consists of JG Summit Petrochemicals Corp. and JG Summit Olefins Corp. booked a net income of P1.3 billion, a reversal of the P416.22 million loss incurred in the same period a year earlier.

Robinsons Retail Holdings Inc. saw its profit grow by 26.7 percent to P2.97 billion on strong contributions from old and newly acquired businesses.