JG Summit core profit up 6.9% in 2016

MANILA, Philippines -  JG Summit Holdings Inc. posted a 6.9 percent growth in its consolidated core net income to P29.97 billion from P28.05 billion a year ago, driven by the double-digit growth in its airline and petrochemicals businesses.

The group’s consolidated net income from equity holders of the parent amounted to P10.92 billion, down from P22.61 billion mainly due to the recording of P16.71 billion in impairment losses from the decline in market value of its investment in PLDT it has an eight percent stake.

EBITDA, meanwhile, went up to P69.27 billion from P63.79 billion.

Consolidated revenues rose to P240.5 billion from P229.27 billion a year ago due to the improved performance of core subsidiaries Cebu Pacific, JG Petrochemicals, Robinson’s Land Corp., Universal Robina Corp. as well as the banking group, too.

Cebu Pacific reported a net income of P9.75 billion, up 122 percent year on year as revenues rose 9.6 percent to P61.9 billion on higher passenger volume.

JG Petrochemicals Group likewise saw its net income grow 62.4 percent to P5.13 billion. Revenues increased 8.6 percent to P29.07 billion.

RLC posted a net income of P5.75 billion, 3.5 percent lower than the previous year due to increased interest expenses. Revenues, however, grew 12.1 percent to P22.75 billion due to higher rental income and real estate sales.

URC’s net earnings also declined 7.1 percent to P12.87 billion because of lower sales of the branded consumer foods group. Revenues increased slightly to P112.61 billion.

The banking group earned P256.65 million, up 140.6 percent year on year.  Revenues grew 14.9 percent to P3.41 billion due to increase in interest income recognized from finance receivables and trading gains.