JG Summit profit dips
JG Summit Holdings’ first quarter net profit dipped by 1 percent to P4.86 billion. But its core earnings before tax rose by 27.1 percent year-on-year to P7.46 billion while cash flow as measured by earnings before interest, taxes, depreciation and amortization likewise jumped by 18.4 percent to P10 billion.
All its businesses performed well. Food unit Universal Robina Corp. slightly increased its attributable net income to P2.28 billion from P2.22 billion in the quarter ending March, while Airline unit Cebu Air grew its net income by 20.2 percent to P1.16 billion. Also, banking unit Robinsons Bank Corp. booked a net income of P341.7 million for the first three months ending March, 81.7 percent, higher from a year ago. Doris C. Dumlao and Miguel R. Camus
Phinma units doing well
Phinma Corp. grew its attributable net profit by nearly five times to P144.3 million in the first quarter from a year ago. Including interest attributable to minority, its net profits increased to P159.1 million from P34.1 million in the same period last year, the company on Tuesday told the Philippine Stock Exchange. Revenues of Union Galvasteel Corp. grew by 11 percent to P786.9 million. The net income of Phinma Education Network rose to P44.1 million from the P28.8 million of the previous year. Trans-Asia Oil and Energy Development Corp. boosted its first quarter net income to P164.9 million from P41.8 million the previous year. Also, Phinma Property Holdings chalked up a net income of P10.1 million, a turnaround from the P24.3 million net loss in 2012.
Doris C. Dumlao
ATI sees higher revenue
Asian Terminals Inc. Tuesday reported that profit in the first quarter of the year increased 13.1 percent to P396.1 million. In a disclosure it filed with the Philippine Stock Exchange yesterday, ATI said it booked a 4.4 percent rise in total revenue to P1.13 billion. Results for the Manila South Harbor came in mixed, with international operations increasing by 7.8 percent while domestic operations slowed by 5.1 percent on falling cargo and passenger volumes. Revenue from the Port of Batangas increased by 23.7 percent. Asian Terminals added that costs and expenses during the quarter inched higher by 2.2 percent to P622.4 million. Asian Terminals shares ended flat at P13.50 each, giving the ports operator a market value of P27 billion. Miguel R. Camus
RCBC nets P1.77B
Rizal Commercial Banking Corp. posted a 16-percent year-on-year growth in its first quarter net profit to P1.77 billion. This brought the bank’s return on equity to 17.14 percent, the bank on Tuesday said in a statement. Net interest income grew by 12 percent year-on-year to P3.04 billion as core revenues were boosted by an improved funding mix and growth in loans. Demand deposits grew by 55 percent to P14.5 billion.
Doris C. Dumlao
