Aviation, property units boost JG Summit profit

Gokongwei-led conglomerate JG Summit Holdings chalked up a net profit of P6 billion in the first three months, 11.2-percent higher year-on-year, led by its airline business that benefited significantly from the slump in fuel prices.

Excluding non-recurring items, core net income increased by 10.1 percent to P6.2 billion for the first quarter, JG Summit reported to the Philippine Stock Exchange on Friday.

Aviation unit Cebu Air Inc.’s net income for the three months ended March 31 surged to P2.2 billion from P164.2 million. Gross revenues rose 20.7 percent year-on-year to P11.8 billion due to an increase in passenger revenues by 22.2 percent to P10.8 billion that, in turn, was due to the higher passenger volume and number of flights.

Food manufacturing arm Universal Robina Corp. (URC) posted a first quarter net income of P3.2 billion, 3.8 percent lower year-on-year as higher wheat prices tempered the flour business.

Property arm Robinsons Land Corp. posted a consolidated net income of P1.4 billion, up 23.8 percent. Total real estate revenues were higher by 20.8 percent year-on-year to P4.5 billion while hotel revenues amounted to P439.7 million. The commercial centers division contributed 46 percent or P2.3 billion of RLC’s gross revenues, posting a 10.6-percent growth. The residential division contributed 34 percent or P1.7 billion, a growth of 30.9 percent from last year. Doris Dumlao-Abadilla