JG Summit’s core profit at P28B

GOKONGWEI-led conglomerate JG Summit Holdings Inc. posted a 38.1 percent growth in core net profit last year to P28.05 billion, driven by the growth in earnings contribution from its airline and petrochemical businesses.

Including non-recurring items, JG Summit’s net profit attributable to equity holders of parent rose by 23.9 percent to P22.61 billion last year, the conglomerate said in a regulatory filing on Tuesday.

The difference between the core and headline net profits was attributed to foreign exchange losses caused by the peso depreciation against the US dollar alongside mark-to-market losses from Cebu Air’s fuel hedging in 2015.

Consolidated revenues went up by 24.1 percent to P229.27 billion last year while cash flow as measured by earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 29.6 percent to P63.79 billion.

Key operating units performed as follows in 2015:

– Universal Robina Corp. grew revenues by 15.9 percent to P112 billion due to the growth in branded consumer food, both domestic and international, including the contribution of New Zealand biscuit-maker Griffin’s;

– Robinsons Land Corp. expanded revenues by 16.4 percent to P20.3 billion as nine new malls, three new office buildings and four new hotels started contributing revenues;

– Cebu Air’s total revenues rose by 8.7 percent to P56.5 billion due to the growth in passenger volume and revenue per passenger;

– JG Petrochem group chalked up P26.78 billion in revenues compared to P3.23 billion in the previous year as integrated operations started in November 2014; and,

– Banking revenue rose by 9.3 percent to P2.97 billion due to an increase in interest income from loans.

Dividend income received by the group dropped by 43.9 percent to P2.85 billion due to the lower dividend declaration by PLDT and the sale of Jobstreet (which previously contributed P1.7 billion dividend income in 2014).