By Jenniffer B. Austria
Conglomerate JG Summit Holdings Inc. said Thursday core net income grew more than tenfold in the first nine months to P6.5 billion from P600 million in the same period last year.
JG Summit said in a disclosure to the stock exchange the robust nine-month financial performance was driven by better operating results from core businesses and one-time gain from the partial sale of its stake in Manila Electric Co.
It said including the impact of the peso depreciation on the company’s US dollar-denominated debt and other mark-to-market adjustments on the company’s bottom line, JG Summit posted a net loss of P859 million in the first nine months, still narrower than P2.4-billion net loss in the same period last year.
JG Summit president and chief executive Lance Gokongwei said the group had implemented strategies, from gradual pricing actions and cost management initiatives, to cushion the impact of higher inflationary environment on bottom line and margins.
“While we anticipate to finish the year stronger with topline momentum continuing into the 4Q, our stance on margin recovery remains cautious,” Gokongwei said.
Gokongwei said the company’s core businesses in food, airline, real estate and banking continued to benefit from the sustained strong demand brought about by the increase in economic activity and mobility.
Food manufacturing unit Universal Robina Corp. booked an 11-percent decline in nine-month net income to P9.3 billion even as revenues grew 26 percent to P107.9 billion.
Property firm Robinsons Land Corp. delivered P6.7 billion in net income, up 6 percent year-on-year as revenues climbed 14 percent to P34.4 billion.
Cebu Air Inc. narrowed its net loss to P12 billion in the first nine months as revenues surged 310 percent to P35.7 billion amid continuous easing of travel requirements, which boosted strong travel demand.
The company’s petrochemical business posted a 4-percent decline in revenues to P26.2 billion on weak demand for both domestic and export markets, especially with the sustained lockdowns in China and elevated freight costs.