One-time gains, Meralco boost JG Summit’s H1 earnings
MANILA, Philippines – Gokongwei-led JG Summit Holdings Inc. reported Thursday, August 14, its earnings grew by triple digits in the first half of the year, thanks to the robust performance of its business units and foreign exchange gains.
In a disclosure to the Philippine Stock Exchange, JG Summit said its January-June net income surged 151.3% to P13 billion from P5.17 billion in the same months of 2013.
The conglomerate owns food and beverage company Universal Robina Corporation, property developer Robinsons Land Corporation, budget carrier Cebu Pacific, petrochemical company JG Summit Petrochemicals Corporation, and Robinsons Bank Corporation. It also holds a stake in power distributor Manila Electric Company (Meralco).
JG Summit said its major subsidiaries performed strongly during the period, while foreign exchange gains, earnings from Meralco and profits from the sale of JobStreet helped buoy its bottom line.
Excluding one-time gains, JG Summit said its core net income rose 30.5% to P10.32 billion from P7.91 billion in 2013.
Consolidated revenues went up 17.1% to P88.53 billion from P75.60 billion last year. – Rappler.com