PROFITS OF JG Summit Holdings, Inc. surged by 76.7% to P4.91 billion in the first quarter of the year, propelled by the strong performance of subsidiaries and gains from its stake in the Philippine Long Distance Telephone Co. (PLDT), a disclosure to the local bourse yesterday showed.
“[This] includes the net income from discontinued operations of Digital Telecommunications Philippines, Inc. (Digitel) of P397.76 million,” the disclosure read.
“Dividend income from our investment in PLDT amounting to P1.90 billion mainly contributed to the higher net income for the period,” it added.
Regulators last year approved PLDT’s takeover of Digitel, which operates Sun Cellular.
Consolidated revenues went up by 13.9% to P33.48 billion from P29.41 billion “due to the strong performance of all business units.”
Food and beverage arm Universal Robina Corp.’s net income attributable to equity holders more than doubled to P2.2 billion in the first quarter on the back of strong domestic and international sales.
“The company generated a consolidated sale of goods and services of P18.20 billion for the three months ended Dec. 31, 8.7% higher than the revenues posted in the same period last year,” the disclosure stated.
Profits of Robinsons Land Corp., the property unit, grew by 13% to P1.5 billion,
“Real estate and hotel revenues were up by 12% to P3.36 billion against last year’s P3.01 billion,” the disclosure read. “Interest income increased by 30% due to higher level of money market placements during the period.”
But its air transportation subsidiary Cebu Air, Inc., which operates budget carrier Cebu Pacific, booked just P962.40 million in January to March, 19.8% down from the same period last year due to higher expenses.
Its banking unit Robinsons Bank Corp. recorded a 272.3% profit growth while JG Summit Petrochemical Corp. widened its losses to P78.23 million in the first quarters.
JG Summit Holdings’ cost of sales and services for the first quarter, meanwhile, went up by 17% to P23.77 billion. Shares slid by 1.69% to P32 apiece when the stock market closed yesterday.
“[This] includes the net income from discontinued operations of Digital Telecommunications Philippines, Inc. (Digitel) of P397.76 million,” the disclosure read.
“Dividend income from our investment in PLDT amounting to P1.90 billion mainly contributed to the higher net income for the period,” it added.
Regulators last year approved PLDT’s takeover of Digitel, which operates Sun Cellular.
Consolidated revenues went up by 13.9% to P33.48 billion from P29.41 billion “due to the strong performance of all business units.”
Food and beverage arm Universal Robina Corp.’s net income attributable to equity holders more than doubled to P2.2 billion in the first quarter on the back of strong domestic and international sales.
“The company generated a consolidated sale of goods and services of P18.20 billion for the three months ended Dec. 31, 8.7% higher than the revenues posted in the same period last year,” the disclosure stated.
Profits of Robinsons Land Corp., the property unit, grew by 13% to P1.5 billion,
“Real estate and hotel revenues were up by 12% to P3.36 billion against last year’s P3.01 billion,” the disclosure read. “Interest income increased by 30% due to higher level of money market placements during the period.”
But its air transportation subsidiary Cebu Air, Inc., which operates budget carrier Cebu Pacific, booked just P962.40 million in January to March, 19.8% down from the same period last year due to higher expenses.
Its banking unit Robinsons Bank Corp. recorded a 272.3% profit growth while JG Summit Petrochemical Corp. widened its losses to P78.23 million in the first quarters.
JG Summit Holdings’ cost of sales and services for the first quarter, meanwhile, went up by 17% to P23.77 billion. Shares slid by 1.69% to P32 apiece when the stock market closed yesterday.
[Reference: Business World Online]
Published in the Business World Online by Cliff Harvey C. Venzon on May 15, 2012.
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