JG Summit net income up 75% to P18.2B

MANILA, Philippines–JG Summit Holdings Inc., the listed holding company of the Gokongwei family, said profits rose in 2014 on higher sales from its core real estate, and food and beverage units, apart from investments in telecommunications and energy distribution.

JG Summit said in a stock exchange filing Thursday that net income had hit P18.25 billion—up 75 percent over the same period in 2013. It added that total revenues in 2014 rose 22.9 percent to P184.8 billion.

JG Summit said core net income in 2014 hit 20.3 billion—up 48.7 percent year-on-year.

JG Summit said in its filing that earnings were bolstered by the contributions of its associates, which jumped by 217.4 percent to P7.25 billion. This was due to the full-year recognition of earnings in Manila Electric Co. following the purchase of a 21.7-percent stake from San Miguel Corp. last December 2013.

It also received dividend income from its stake in Philippine Long Distance Telephone Co. and Jobstreet Malaysia amounting to P5.1 billion—up 55.8 percent.

Breaking down its core business, the company’s Universal Robina Corp. grew revenues by 15.6 percent last year to P96.65 billion.

Cebu Pacific saw a 26.8 percent increase in gross revenues to P52 billion in 2014.

Real estate and hotel revenues, through Robinsons Land Corp., posted a 5.4-percent growth to P17.43 billion due to higher rental revenues.–Miguel R. Camus