JG Summit 2015 net income expands by 24 percent
Conglomerate JG Summit Holdings Inc. of bilyonaryo John Gokongwei saw its net income rise by 24 percent last year on the back of a double-digit growth in earnings from its food and beverage and real estate units, and the profit booked by its petrochemical business.
JG Summit reported a 38..1 percent jump in core net income to P28.05 billion, driven largely by the improved performance of its airline business which benefited from low fuel prices.
The increase in profit was lower compared to the growth of core net income because of foreign exchange losses caused by the depreciation of the Philippine peso against the US dollar by more than P2 by the end of 2015, as well as mark-to-market losses mainly from Cebu Air’s fuel hedging losses.
Consolidated revenues expanded by 24.1 percent to P229.27 billion, the listed holding firm said in a stock exchange filing.
Revenues from core investments declined as dividend income fell 43.9 percent to P2.85 billion and lower dividend income declared by PLDT from P185 per share in 2014 to P152 per share a year ago.
The group’s operating expenses rose 20.8 percent to P39.06 billion due to higher expenses in the food and airline business units.
JG Summit Petrochemicals Group posted a net income of P3.16 billion, a turnaround from the P759.45 million incurred in 2014.
Robinsons Bank, on the other hand, reported a 27.4 percent drop in net earnings to P106.67 million as higher costs offset the 9.3 percent growth in revenues.