JG Summit profit surges in H1

Posted at 08/14/14 2:44 PM

MANILA, Philippines - Gokongwei-led JG Summit Holdings reported a surge in profits for the first half of 2014.

In a statement, JG Summit said its net income jumped 151 percent to P13 billion in the first half of 2014, from P5.17 billion a year ago.

The company posted a P8.12 billion net income for equity holders of the parent in the second quarter, due to foreign exchange gains, recognition of equity earnings from Meralco and a P1.45 billion gain from the sale of JobStreet.

Core net income went up by 30.5 percent to P10.32 billion for the January to June period, from P7.91 billion a year ago.

JG Summit said consolidated revenues rose 17 percent to P88.53 billion in the first half due to strong revenue growth in its subsidiaries URC, Cebu Air (Cebu Pacific) and Robinsons Land Corp.

URC's total revenues increased by 13 percent to P45.74 billion. Its net income attributable to equity holders of the parent increased to P6.17 billion for the half of 2014 from P5.14 billion.

Budget carrier Cebu Pacific's revenues jumped 23 percent to P26.72 billion for the first half, on the back of a 14 percent growth in passenger volume. Cebu Pacific's net income for the January to June period surged 125 percent to P3.18 billion.

Property developer Robinsons Land Corp. said its net income attributable to equity holders of parent company fell by 8.2 percent to P2.24 billion for the six months ending March 31, 2014. The lower profit was attributed to the damage its malls sustained during typhoon "Yolanda" and the fire at Robinsons Galleria.