JG Summit posts flat Q1 profit


Posted at May 16 2014 12:41 PM | Updated as of May 16 2014 08:41 PM

MANILA, Philippines - JG Summit Holdings reported flat first quarter profit, as the Gokongwei group incurred extraordinary losses due to typhoon "Yolanda".

JG Summit said its attributable net income inched up to P4.88 billion in the January to March period, from P4.86 billion a year ago. It recorded extraordinary losses of P215 million due to "Yolanda" which hit parts of central Visayas last November.

However, core net income jumped 12 percent to P5.33 billion in the first quarter, from P4.76 billion a year ago. Core net income is the attributable net income adjusted for the net effect of gains or losses on foreign exchange, extraordinary items, etc.

Consolidated revenues rose 12 percent to P43.23 billion in the first quarter on the back of strong performances of its major subsidiaries.

JG Summit said operating expenses also went up nearly 14 percent to P7.11 billion due to higher selling and general expenses in its airline and food businesses.

Universal Robina Corp. reported its net income attributable to equity holders of the parent surged to P2.86 billion in the first quarter ending December 31, 2013, from P2.28 billion a year ago.

Property unit Robinsons Land Corp., on the other hand, reported a 13 percent drop in attributable net income to P1.03 billion due to the damage to its malls caused by typhoon "Yolanda" and fires.

Budget carrier Cebu Air saw its net income plunge 86 percent to P164.2 million in the first quarter, due to foreign exchange losses and higher operating expenses.

JG Summit Petrochemicals Corp. narrowed its net loss to P278.85 million in the January to March period, from P296.13 million a year ago.

Banking unit Robinsons Bank reported a 91 percent decline in its net income to P30.74 million due to lower revenues.