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JG Summit net profit jumps to P17.6 B in H1

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By James A. Loyola

JG Summit Holdings, Inc. (JGS) reported a 79 percent jump in consolidated net income to P17.6 billion in the first half of 2019, driven by a 10 percent consolidated revenue growth plus margin improvements across its strategic business units.

(Photo courtesy of www.jgsummit.com.ph/)

(Photo courtesy of www.jgsummit.com.ph/)

“This was further boosted by mark-to-market and forex gains on the back of a favorable macroeconomic environment, as well as United Industrial Corporation’s P3.0-billion gain arising from its acquisition of additional stakes in Marina Centre Holdings and Marina Mandarin Hotel,” said JGS in a disclosure.

The firm added that, without these non-recurring items, JGS’ core net income after tax still increased 11 percent to P13.6 billion in the first semester of the year.

“We are pleased to report a record P17.6-billion net income in the first half of 2019. With inflation easing and a generally favorable macroeconomic environment this year, we continue to experience strong growth from our food, airline and real estate businesses,” said JGS President Lance Gokongwei.

He added that, “our exposure to a diverse mix of core businesses and investments has certainly helped us achieve such earnings momentum. We hope to sustain this growth for the balance of the year.”

Universal Robina Corporation (URC) reported that net income ended the first half at P5.2 billion while Robinsons Land Corporation (RLC) sustained its growth momentum with its consolidated net income expanding 20 percent to P4.0 billion.

Cebu Air (CEB) saw its earnings more than double to P7.3 billion while Robinsons Bank Corporation (RBank)

registered a net income of P191 million.

Equity in net earnings of associated companies and joint ventures for increased by 63 percent to P8.5 billion mainly driven by JGS’ P3.0-billion share in UIC’s gain.

These were offset by the flat earnings of Meralco and the 14 percent profit decline from Global Business Power.

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