by Jenniffer B. Austria
[ manilastandardtoday.com ] April 21, 2010
JG Summit Holdings Inc., the listed holding company of business tycoon John Gokongwei, swung to a profit of P8.55 billion in 2009 from a loss of P694 million in 2008 on the strong performance of core businesses and hefty gains in mark-to-market valuation of financial investments.
JG Summit said in a financial report filed with the Philippine Stock Exchange that consolidated revenues improved 9 percent to P107.9 billion from P99 billion reported in 2008.
JG Summit has interests in food manufacturing, telecommunications, airline, financial services and petrochemicals.
“While consolidated operating expenses increased by 20.4 percent as a result of a higher level of business activity of food, telecommunications and airline businesses, consolidated operating income increased by 34.6 percent due to better operating efficiencies that led to improved margins in 2009,” JG Summit said.
The group also posted a gain from market valuations from financial investments of P2.33 billion from a loss of P7.14 billion in 2008.
Universal Robina Corp., the food manufacturing unit of JG Summit, was the biggest revenue contributor, accounting for 47 percent of the group’s revenues, on the strong performance of its branded domestic and international food businesses.
URC registered a consolidated net sales and services of P50.4 billion as of fiscal year ending September 2009, up 11 percent year-on-year.
Cebu Air Inc. accounted for 22 percent of the conglomerate’s revenues, with P23.31 billion, up 18.4 percent from P19.6 billion.
Cebu Pacific posted higher revenues following an expansion of routes and flight network, additional passenger and cargo traffic and significantly increased ancillary revenues.
Cebu Air booked a net income of P3.26 billion in 2009, a reversal from a P3.26-billion loss in 2008.
Robinsons Land Corp. posted a net profit of P3.2 billion in the fiscal year ending September 2009, up 3.8 percent from P3.15 billion a year ago due to better performance of malls and offices.
Digital Telecommunications Philippines Inc. generated consolidated service and non-service revenues of P14 billion, up 23.5 percent from a year ago, and about 13 percent of JG Summit’s revenues.
JG Summit Petrochemical Corp., meanwhile, posted a net loss of P511 million, down from P673 million in 2008 while Robinsons Savings Bank registered net earnings of P202 million, up 41 percent from P143 million in 2008.
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