Gokongweis saw profit declines in Q1
Three of the Gokongwei group’s core businesses—food and beverage manufacturing, property and airline operations—posted slower earnings in the first quarter.
Property development arm Robinsons Land Corp. (RLC) booked an 11-percent year-on-year decline in first quarter net profit to P1.38 billion due to a slump in earnings from its residential development business.
Food and beverage arm Universal Robina Corp. posted a 4.2-percent year-on-year decline in first quarter net profit to P3.44 billion due to lower market gains on hedging instruments.
Airline unit Cebu Air, operator of budget carrier Cebu Pacific, saw a 68.2-percent drop in first quarter net profit to P1.28 billion as expenses escalated, along with the rising cost of fuel and the depreciation of the local currency.
The peso fell to an average of P50 against the dollar for the three months ending March 31 from an average of P47.27 a year ago.
