JG Summit profit up 61% in Q1

Gokongwei-led JG Summit Holdings Inc. grew its first quarter net profit by 60.9 percent year-on-year to P9.63 billion, driven by the strong growth of its airline business and the expansion of its petrochemical business.

Excluding nonrecurring items, JG Summit’s core profit rose 32.3 percent year-on-year to P8.17 billion in the first three months, the conglomerate disclosed to the Philippine Stock Exchange Monday.

Consolidated cashflow was up 23.4 percent year-on-year in the first three months to P18.68 billion.

Group-wide revenues increased by 6.2 percent to P60.59 billion from the same period last year due to the year-on-year performance of the following subsidiaries in the first three months.

Cebu Air boosted revenues by 13.4 percent to P16.11 billion due an increase in passenger volume and average ancillary revenue per passenger, partially offset by the decline in average fares. Overall, the airline business has benefited from the slump in aviation fuel;

JG Petrochemicals group grew revenues by 27.9 percent to P6.69 billion due to increased volumes of polymers sold and olefins exported;

Robinsons Land Corp. expanded revenues by 12.1 percent to P5.47 billion with the additional contribution of four new malls, three office buildings and three new hotels;

Universal Robina Corp.’s total revenues were flat at P28.53 billion due to the decline in net sales in consumer foods group, partly offset by the increase in feeds business and sales contribution from the renewable energy businesses, and

Banking revenues increased by 12.2 percent to P808.99 million as interest earnings improved.

Meanwhile, JG Summit’s revenues from core investments declined as dividend income from Philippine Long Distance Telephone Co. slipped by 34.6 percent year-on-year to P1.03 billion in the first quarter. Equity in net earnings of associates—primarily from investments in Singapore property developer UIC and Manila Electric Co.—increased to P1.83 billion from P1.68 billion for the same period last year.