MANILA - JG Summit Holdings Inc (JGS) said Friday it booked a consolidated net income of P844 million in the third quarter, after losing P720 million in the previous two quarters.
The third quarter rebound put its net income for the first 9 months of the year at P124 million.
The Gokongwei conglomerate credited its quarter-on-quarter return to profitability to “strategic pivots” following the disruptions caused by the COVID-19 pandemic.
JGS said the resilient performance of its food, banking and office business units continued to temper the year-on-year decline in its airline, mall, hotel and petrochemical revenues in the Jan. to Sept. period.
JG Summit businesses include Cebu Pacific Air, Universal Robina, Robinsons Land, Robinsons Bank, JG Summit Petrochemicals. It also has investments in information and digital technology, infrastructure and logistics, petrochemicals, power and telecommunications.
“With the easing of restrictions, economic activity has slowly returned and our different business units showed some quarter on quarter recovery but I also note that these results are far from ideal and still showed steep declines versus a year ago," JG Summit President & CEO, Lance Gokongwei
Gokongwei said the group is cautiously optimistic given the weaker consumer sentiment affecting demand.
"The prospects of a vaccine likewise give us hope that this will unlock further acceleration and recovery towards the latter part of 2021,” he added.