JG Summit posts lower consolidated core net income in H1 ‘17

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MANILA – JG Summit Holdings Inc. on Friday reported a consolidated core net income of P15.95 billion in the first half of 2017, slightly lower than the P15.99 billion in same period in 2016.

In a disclosure with the Philippine Stock Exchange (PSE), the listed company said consolidated net income for equity holders of the parent company fell 16.5 percent to P14.64 billion against year-ago’s P17.53 billion.

It attributed this development to lower net income of its airline business on account of uptick in oil prices and mark-to-market hedging losses, which was pinned further by weakness of the peso against the greenback.

The group’s total revenues rose 12.6 percent to P134.47 billion from year-ago’s P119.38 billion.

All its business contributed to this uptick, with the JG Petrochemicals Group registering the highest expansion of 50 percent to P19.45 billion because of higher sales of polimers and exportation of olefins.

Revenues of food and beverage unit, Universal Robina Corporation (URC), rose 9.6 percent to P60.8 billion due to the 27.4 percent rise in net sale of its international operations.

Airlines unit, Cebu Air, registered a 7.7 percent rise in revenues to P35.66 billion because of the 4.6 percent uptick of average fares and 13.2 percent expansion in average ancillary revenue per passenger.

Robinsons Land Corporation’s (RLC) revenues rose to P10.98 billion from the end-June 2016’s P10.87 billion due to rental revenues after the real estate business opened three new malls and expanded two others. These gains, however, were countered by the lower property sales during the same period.

The group’s banking arm, Robinsons Bank, registered a 27.8 percent higher revenues to P2.07 billion because of higher interest income, commission income and trading gains.