JG Summit Q1 net income down 22%

Gokongwei-led JG Summit Holdings Inc. posted a consolidated net income of P7.51 billion in the first quarter of the year, down 22 percent from P9.63 billion a year earlier.

In a disclosure to the Philippine Stock Exchange on Friday, JG Summit cited lower profits from its airline business due to higher fuel prices.

"The depreciation of the Philippine peso against the US dollar in the first quarter of 2017, compared with the appreciation last year, also contributed to the decline in net income, which was partially offset by the double-digit income growth in the petrochemicals business," the company said.

Consolidated earnings before interest, taxes, depreciation, and amortization stood at P18.28 billion, down from P18.68 billion.

Revenue totaled P60.59 billion, up 11.4 percent from P67.51 billion.

Cebu Air Inc. posted a net income P1.28 billion, down 68.2 percent from P4.04 billion.

JG Petrochemicals Group's revenue reached P10.78 billion, up 61 percent from P6.69 billion, propped up by volume increases in sales of polymers and exports of olefins.

Universal Robina Corp booked a 7.6 percent revenue increase at P30.69 billion from P28.53 billion due to higher net sales from the branded consumer foods group, both domestic and international.

Property arm Robinsons Land posted total revenue of P5.42 billion, down from P5.47 billion, as sales from the residential division declined even if it was offset by revenue growth from the commercial division.

Robinsons Bank generated P1.01 billion in revenue, up 25.4 percent from P808.99 million due to higher interest income from finance receivables, commission income and trading gains. — Ted Cordero/VDS, GMA News