MANILA, May 15 (PNA) — Gokongwei-led conglomerate JG Summit Holdings Inc. on Friday said its first-quarter profit surged by 11.2 percent on the back mainly of air transportation business.
In a disclosure to the Philippine Stock Exchange, JG Summit said consolidated net income from equity holders of the parent reached PHP6 billion in January to March from PHP5.4 billion during the same period last year.
Consolidated revenues also grew 31.4 percent from PHP43.4 billion to PHP57.1 billion due to the strong performance of core subsidiaries.
“Increase is due mainly to the income growth from our core subsidiaries particularly Cebu Air which benefited significantly from the substantial reduction in fuel prices during the period,” it said.
Net income of Cebu Air Inc. (Cebu Pacific) zoomed to PHP2.2 billion in the first quarter from just PHP164.2 million last year on higher passenger volume.
Robinsons Land Corp. (RLC) reported a 23.8-percent surge in consolidated net income attributable to equity holders of the Parent company to PHP1.4 billion mainly bolstered by robust earnings of its Commercial Centers Division.
But net foreign exchange loss and increases in costs and expenses contributed to a higher net loss incurred by JG Summit Petrochemicals Corp. and JG Summit Olefins Corp. to PHP892 million this year from PHP24.4 million in 2014.
Universal Robina Corp. (URC) reported a slight decline in net income attributable to equity holders of the parent to PHP3.2 billion from PHP3.3 billion.
The conglomerate’s bank subsidiary, Robinsons Bank Corp., also booked slightly lower net earnings to PHP28 million from PHP30.7 million.
“The bank recorded higher final taxes related to higher volume of transaction on government securities during the period,” JG Summit said. (PNA)