MANILA – JG Summit Holdings Inc.’s core net profits bounced back in the first half of 2021 as businesses recovered from losses caused by COVID-19 quarantine restrictions.
JG Summit’s core net income hit P1.7 billion, up by 19 percent from the same period in 2020, the group said in a statement.
Profits also rose faster than the group’s consolidated revenues, which increased 9 percent year-on-year to P128.1 billion in the first half of the year.
Its food arm Universal Robina Corporation saw P68.5 billion in revenues.
Robinsons Land, meanwhile, hit P25.6 billion in revenue as demand for quarantine hotels and long-stay accommodations increased.
JG Summit Petrochecmicals recorded P18.1 billion in revenue in the first half of 2021 due to higher selling prices and sales volumes.
Robinsons Bank meanwhile saw its net income hit P573 million.
Cebu Air, on the other hand, saw its revenues decline by 66 percent to P5.9 billion in the first half of 2021 amid continuing restrictions on air travel.
President and CEO Lance Gokongwei said, however, that the airline business is poised to remain competitive, noting that it is helping the Philippine government with vaccine transport.
“Given the sequential recovery, we are happy to note that most of our subsidiaries’ topline have already surpassed their average 2019 pre-COVID levels,” he said in a statement.
Gokongwei said their businesses will continue to focus on addressing the needs of our customers through digitalization and cost-efficient, sustainable operations.