JG Summit profits surge in 2012
MANILA, Philippines - Gokongwei-led JG Summit Holdings, Inc. saw its earnings rise 59.6% to P13.53 billion in 2012 from P8.48 billion in the previous year.
In a disclosure, the firm said its core earnings, which is devoid of the one-time gain from the sale of unit Digital Telecommunications Philippines Inc. (Digitel) and gains from foreign exchange valuations, went up 20% to P19.54 billion from P16.29 billion.
"Dividends received from its 8% stake in PLDT (Philippine Long Distance Telephone Co.) which amounted to P2.95 billion, plus the continued appreciation of peso against the US dollar and the recovery in the market value of its bond and equity investments, have all contributed to the earnings growth," JG Summit said.
Consolidated revenues of the firm climbed 9.5% to P135.25 billion, while financing costs and other charges grew 22.4% to P1.59 billion. The company also booked mark-to-market gains of P1.79 billion, and a foreign exchange gain of P1.4 billion.
JG Summit's portfolio currently includes food firm Universal Robina Corp., real estate company Robinsons Land Corp., budget carrier Cebu Air, Inc. (Cebu Pacific), JG Summit Petrochemicals Corp., and Robinsons Bank Corp.
URC contributed most to the group's revenues last year, as the food company's net income jumped 66.9% to P7.74 billion from P4.64 billion in the previous year.
Robinsons Land also raked in higher net profits at P4.24 billion, up by 7% from the previous year, while Cebu Pacific booked P3.6 billion in 2012, slightly below the P3.62 billion in the previous year.
JG Summit Petrochemicals, however, widened its net loss to P523.73 million in 2012 from a loss of P383.97 million in the previous year, while Robinsons Bank's net earnings went up 1.4% to P389.9 million.