Sagging airline, property profits hurt Gokongwei holding firm’s Q1 results
JG Summit Holdings Inc. said first quarter profit dipped 22 percent to P7.5 billion, dragged down by the airline unit’s disappointing resuts.
Cebu Air saw its earnings plummet 68 percent to P1.28 billion as a result of higher fuel prices and hedging losses.
Cebu Pacific incurred a hedging loss of P685.18 million.It also booked P446.65 million in foreign exchange loss.
Consolidated revenues rose 11.4 percent to P67.51 billion owing to the strong peformance of JG Petrochemicals Group which saw its profit more than double to P2.46 billion on strong sales.
From a foreign exchange gain of P1.72 billiom last year, JG Summit booked a forex loss of P193.93 million due to the depreciation of Philippine Peso and international subsidiaries’ local currencies against the US dollar.
Property arm Robinsons Land Corp. reported a 10.9 percent drop in net income to P1.38 billion as sales declined two percent to P4.98 billion.
Meanwhile, Robinsons Bank’s earnings fell 5.8 percent to P62.24 million despite a 25 percent jump in revenues.
Provision for impairment losses on receivables increased to P38.07 million from P27.67 million.