The Market Monitor Minding the Nation's Business
The Gokongwei-led conglomerate JG Summit Holdings booked a 30.6 percent increase in profit in -he first semester on the back of double-digit income growth in its airline and petrochemicals businesses.
Its net income reached P17.53 billion in January to June from last year’s P13.43 billion.
“Increase is mainly due to the double-digit income growth in our Airline business, which benefited from the drop in fuel prices, and our petrochemicals business, which expanded significantly since the start of its integrated operations in November 2014,” JG Summit told the local bourse.
Consolidated net income from equity holders of the parent reached PHP7.90 billion for the second quarter of 2016 from P7.44 billion during the same period last year.
Cebu Air’s total revenues went up by 12.2 percent from P29.51 billion to P33.09 billion in January to June due to 8.7-percent increase in passenger volume and 10.4-percent rise in average ancillary revenue per passenger.
Higher volume of polymers sold and olefins exported lifted JG Petrochemicals Group revenues increasing 6.8 percent to P12.97 billion from P12.15 billion.
Robinsons Land Corp.’s total revenues also increased by 11.1 percent from P9.79 billion in 2015 to P10.87 billion in 2016 brought about by the additional revenue contribution of the three newest malls and three office buildings.
Universal Robina Corp.’s total revenues slightly rose from P54.93 billion to P55.46 billion for the first half due to increases in net sales of sugar, feeds and renewable energy businesses, offset by the decrease in net sales of branded consumer foods group, international operations.
The group’s banking revenue increased 14.5 percent from P1.41 billion for the first half of 2015 to P1.62 billion for the same period this year mainly due to increase in interest income recognized from finance receivables.
Revenue from other supplementary business recorded a 12.5-percent decrease due to lower commission and rental income for the period. RIZA LOZADA