JG SUMMIT Holdings, Inc.’s nine-month core net income reached P6.5 billion, more than 10 times the P600 million posted in the same period last year, as the Gokongweis’ consumer-facing businesses improved.
“Our core businesses in food, airline, real estate and banking continue to benefit from the sustained strong demand brought about by the increase in economic activity and mobility,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in a stock market disclosure on Thursday.
In the third quarter, the firm’s consolidated net loss narrowed to P859 million from the P2.4-billion loss a year earlier. The improvement comes after its topline rose by 46% to P73.7 billion despite being tempered by the shutdown of its petrochemical plants from May to August. At the beginning of the third quarter, JG Summit recognized a P3.2-billion portfolio management gain after it sold its partial 3.2% stake in Manila Electric Co.
JGSOC, due to higher interest and foreign exchange losses, posted a net loss of P9 billion during the nine-month period. Robinsons Bank Corp. also posted higher net interest income at P5.8 billion, up by 17% on rising global interest rates and faster growth in higher-yielding loans.
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