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JG Summit net income down in H1 on lower contribution from Cebu Pacific

GMA News Online logo GMA News Online 8/11/2017 Sollorano, Vic
Cebu Pacific Air president and CEO Lance Gokongwei (left) walks with his father John Gokongwei, chairman emeritus of JG Summit Holdings Inc, after welcoming their company's new Airbus A330 aircraft at the NAIA on Thursday, September 12. The new Airbus A330 which arrived from Toulouse, France is the second aircraft delivery this year. The delivery is in time for the launch of the airlines' long-haul operations in October 2013. © Reuters/Romeo Ranoco Cebu Pacific Air president and CEO Lance Gokongwei (left) walks with his father John Gokongwei, chairman emeritus of JG Summit Holdings Inc, after welcoming their company's new Airbus A330 aircraft at the NAIA on Thursday, September 12. The new Airbus A330 which arrived from Toulouse, France is the second aircraft delivery this year. The delivery is in time for the launch of the airlines' long-haul operations in October 2013.

Gokongwei-led JG Summit Holdings Inc. posted a net income of P15.95 billion in the first half of the year, down 0.25 percent from P15.99 billion a year earlier, pulled by lower income from its airline business.

Budget carrier Cebu Pacific generated a net income of P4.33 billion, down 43 percent from P7.68 billion.

"A net foreign exchange loss of P744.65 million was recorded for the six months ended June 30, 2017, resulting from the weakening of the Philippine peso against the dollar," the company said in a filing with the Philippine Stock Exchange on Friday.

"Cebu Pacific's major exposure to foreign exchange rate fluctuations is in respect to US dollar-denominated long-term debt incurred in connection with aircraft acquisitions," it added.

Snack food unit Universal Robina Corp. also saw a 13.7-percent decline in bottom line at P6.39 billion from P7.40 billion due to lower operating income and foreign exchange gains, higher net financing costs, and income tax provision.

Property arm Robinsons Land Corp. booked a net income of P2.92 billion, lower by 9 percent.

JG Summit Petrochemicals Group recorded a net income of P3.20 billion, up 31.5 percent from P2.43 billion a year earlier due to an increase in the volume of polymers sold and exported olefins.

Robinson Bank Corp. posted net earnings of P161.33 million, up 20.3 percent from P134.12 million, due to an increase in interest income from receivables, commission income and trading gains.

JG Summit's consolidated revenue stood at P119.38 billion, up 12.6 percent from P134.47 billion.

Its earnings before interest, taxes, depreciation, and amortization reached P36.32 billion, down from P36.71 billion. — Ted Cordero/VDS, GMA News

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