JG Summit nets P9.63B

GOKONGWEI-led JG Summit Holdings Inc. grew its first quarter net profit by 60.9 percent year-on-year to P9.63 billion, driven by the strong growth of its airline business and the expansion its petrochemical business.

Excluding non-recurring items, JG Summit’s core profit rose by 32.3 percent year-on-year to P8.17 billion in the first three months, the conglomerate disclosed to the Philippine Stock Exchange on Monday.

Consolidated cash flow rose by 23.4 percent year-on-year in the first three months to P18.68 billion.

Group-wide revenues increased by 6.2 percent to P60.59 billion from the same period last year due to the year-on-year performance of the following subsidiaries in the first three months.