Taipan John Gokongwei’s JG Summit Holdings Inc. saw its net income surge 54.2% in the first quarter to P7.44 billion, buoyed by the double-digit growth in its airline and real estate businesses.

Tough year for JG Summit as profit slips

Foreign exchange gains as well as mark-to-market gains also boosted JG Summit’s earnings.

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Food and beverage unit Universal Robina Corp. chalked up P33.3 billion in revenues, up 8.7% on the back of a 10.5% increase in branded consumer foods domestic sales, 53.1% jump in feeds business, and 12.8% increase in sales of the commodity foods segment.

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Cebu Air chipped in P21.18 billion or 16% higher than the previous year due to the 8.5% growth in passenger volume coupled with the 5.7% increase in average fares.

Property arm Robinsons Land Corp. grew revenues by 6.7% to P6.76 billion, largely due to higher rental income from the commercial centers and office buildings division.

JG Petrochemicals Group, on the other hand, reported an 8.3% drop in revenues to P9.57 billion owing to lower average selling prices for polymers, pygas, C2, and mixed C4.

Robinsons Bank, meanwhile, saw its revenue jump 40% to P1.89 billion due to higher interest income from finance receivables, commission income and trading gains.

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Tags: airline, JG Summit Holdings Inc., John Gokongwei, mark-to-market gains, real estate businesses, Robinsons Land Corp., Universal Robina Corp.