Gokongwei-led JG Summit earnings down 1% in Q1

MANILA, Philippines – Gokongwei-led JG Summit Holdings Inc. reported a slight drop of 1% in net income for the first quarter 2013 due to foreign exchange loss, lower net earnings from associates, and weaker mark-to-market gains.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, May 14, the diversified conglomerate booked P4.86 billion in net income down from the P4.91 billion posted in the same period a year ago.

Consolidated revenues were up 8.4% to P38.4 billion from P35.4 billion due to the strong performance of all business units, with the exception of their petrochemical business.

“Revenues from our core businesses (foods, airlines, real estate), which posted double-digit percentage growth and the consistent dividend income generated from our core investments were major contributors to the increased revenues for the first three months,” JG Summit said in a statement.

This was how the different subsidiaries fared:

JG Summit Petrochemical Corporation

Sales from petrochemical business dropped 63.3% from P1.38 billion for the first quarter of fiscal 2012 to only P510 million in the first quarter of 2013 due to the technical shutdown of production which began in October 2012 in preparation for the naphtha cracker operations expected to commence in January 2014.  

Universal Robina Corp.

The conglomerate’s food manufacturing arm posted a net income of P2.28 billion slightly higher than P2.22 billion recorded a year ago. Consolidated sales totaled P20.10 billion up 11.8% over the same period last year.

Robinsons Land Corp.

The conglomerates property arm posted a net income of P1.19 billion for the three months ended December 31 2012, up by 3.8% compared with the same period last year. Real estate revenues were up by 9% to P3.33 billion against last year’s P3.05 billion while hotel revenues went up by 16.7% to P397.8 million.

Cebu Air, Inc.

Net income reached to P1.16 billion, a growth of 20.2 % from P962.40 million for the same period last year. The airline’s first quarter revenues of P10.54 billion is up 12.9% than last year’s P9.34 billion primarily due to the 4.9% growth in passenger volume to 3.5 million from 3.4 million last year driven by the increased number of flights in 2013. – Rappler.com