JG Summit profit rose by 151% in 1st 6 months

JG Summit Holdings Inc. saw its first semester net profit grow by 151.3 percent year-on-year to P13 billion as extraordinary items added to the rise in core earnings.

In the second quarter alone, the holding firm of the Gokongwei group reported a rise in income to P8.12 billion partly due to foreign exchange gains, recognition of equity earnings from its new investment in Manila Electric Co., and its sale of shares in online recruitment website JobStreet, which amounted to P1.45 billion.

Excluding non-recurring items, JG Summit reported that core net income increased by 30.5 percent to P10.32 billion in the first semester. Cash flow as measured by earnings before interest, taxes, depreciation and amortization rose by 31.1 percent to P24.33 billion in the first half compared to that of last year.

Consolidated revenues grew by 17.1 percent to P88.53 billion. Equity earnings from associated companies and joint ventures increased by 323 percent year-on-year to P3.81 billion for the six-month period, primarily due to Meralco’s equity earnings amounting to P2.61 billion.

In the nine-month period ending in June, property developer Robinsons Land Corp. posted a net profit of P3.88 billion—6.4 percent higher year-on-year.

Revenues increased by 5.3 percent year-on-year to P13.1 billion during the first three quarters of RLC’s fiscal year on the back of a double-digit growth in commercial centers segment, stable growth from rental income from office and hotel properties.

As of end-June, RLC’s consolidated assets amounted to P82.7 billion.

In the first half of 2014, total revenues of food and beverage arm Universal Robina Corp. increased by 13.5 percent year-on-year to P45.74 billion, while airline unit Cebu Air’s revenues were up by 23 percent to P26.72 billion.

Banking unit Robinsons Bank Corp. reported a net income of P125.62 million for the six months ending on June 30. It marked a 66.9-percent decline year-on-year due to lower trading gains.

As of end-June, JG Summit Petrochemicals still operated marginally as its integrated naphtha cracker and polymer operation went into commissioning stage and its first trial runs.