JG Summit nets P13.4B in H1

MANILA, Philippines - JG Summit Holdings Inc., the holding company of the Gokongwei family, grew its net income by 4.4 percent to P13.43 billion in the first half of the year.

“The smaller increase in accounting net income was mainly due to last year’s one-time gain on sale of Jobstreet to P1.45 billion,” JG Summit said.

Consolidated revenues, meanwhile, grew 26.7 percent to P113.84 billion during the period from P89.88 billion, driven by the strong performance of its subsidiaries such as Universal Robina Corp, Cebu Air, Robinsons Land Corp. and JG Petrochem.

In a disclosure to the Philippine Stock Exchange, JG Summit said URC’s total revenues rose 18 percent to P54.93 billion during the period from P46.53 billion because of the contribution from Griffin’s NZ which was consolidated starting mid-November 2014. 

Cebu Air, the group’s budget carrier, recorded total revenues of P29.51 billion from P26.72 billion, up 10.4 percent due to consistent rise in passenger volume.

RLC’s total revenues also increased 12.9 percent to P9.79 billion from P8.67 billion in 2015.

Seven new malls, two office buildings (Cyberscape Alpha and Beta) and three new hotels (Go Hotels Iloilo, Go Hotels Ortigas and Summit Magnolia) boosted revenues.

Meanwhile, JG Petrochem’s revenue, including that from Olefins went up to P12.15 billion from P530.53 million during the period.

The Group’s operating expenses increased 20.5 percent to P18.74 billion from P15.55 billion last year due to higher selling, general and administrative expenses in the airline and food business units.