MANILA, Philippines - Gokongwei-led JG Summit Holdings, Inc. booked higher profits in the nine months to September, due to a dividend income received from the sale of a unit and a gain in financial assets held.
The firm realized a 36% increase in its net income attributable to equity holders of the parent company to P10.759 billion from P7.884 billion last year.
"The increase in net income was attributable to the additional P1.0 billion dividend income received from PLDT (Philippine Long Distance Telephone Co.) in September plus the surge in bond prices in the same month, which brought additional mark-to-market gains from our financial assets," JG Summit said.
JG Summit's revenues surged 11% to P101.269 billion from P91.476 billion, while cost of sales and services went up 9% to P69.196 billion from P63.489 billion.
Other operating expenses of the firm grew 12% to P16.360 billion from P14.668 billion.
The firm also booked gains from higher valuation of its financial assets amounting to P926.074 million, a turn-around from a loss of P346.188 million last year.
The holding firm completed the sale of its telecommunications arm, Digital Telecommunications Philippines Inc., to PLDT last year.
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.