JG Summit says P4.88-B Q1(2014) net income nearly flat

JG Summit Holdings Inc. reported a consolidated net income of P4.88 billion in the first quarter, only slightly higher than the P4.86 billion recorded in the same period last year, citing losses from Typhoon Yolanda and the fire incident in one of its malls. In a disclosure to the Philippine Stock Exchange, the holding firm of taipan John Gokongwei Jr. said extraordinary losses amounted to P215 million.

Core net income, however, rose 12.1 percent to P5.33 billion from P4.76 billion a year earlier. Consolidated revenues  totaled P43.23 billion, 12.1 percent higher than the P38.51 billion in the same comparable period. Food and beverage unit Universal Robina Corp. recorded a 25 percent jump in earnings to P2.86 billion from P2.28 billion as total sales grew by 13.1 percent. Real property developer Robinsons Land Corp. reported a 13.2 percent decline in net income to P1.03 billion year-on-year due to losses from Typhoon Yolanda and the fire that razed parts of Robinsons Galleria mall estimated at P215 million.

Despite an 11.6 percent growth in revenues, Cebu Pacific operator Cebu Air Inc. reported net income plunged by 85.8 percent to P164.16 million from P1.16 billion on higher expenses and foreign exchange losses. Robinsons Bank Corp. recognized a net income of P30.74 million, down 91 percent from P341.7 million on lower revenues and trading losses of P15.72 million. JG Summit Petrochemicals Corp. saw net profits fall by 87 percent to P37.9 million from P559.8 million as a result of a technical shutdown in production since October 2012.