JG Summit income rises to P7.44B in Jan-March

LISTED JG Summit Holdings Inc. saw its consolidated net profit from shareholders surge by 54.2 percent to P7.44 billion in the first quarter from P4.82 billion in the same period last year, buoyed by its strong airline and property businesses.

In a regulatory filing on Tuesday, the Gokongwei-led conglomerate said it mainly attributed the increase to a double-digit growth in airline subsidiary Cebu Air Inc. and property arm Robinsons Land Corp., coupled with foreign-exchange gains and market valuation gains on the group’s financial assets in the period, which partially offset the decline in petrochemicals business.