JG Summit Holdings Inc. (JGS) reported that its consolidated revenues went up to P224.8 billion at the end of the third quart
JG Summit Holdings Inc. (JGS) reported that its consolidated revenues went up to P224.8 billion at the end of the third quarter, an increase of 34 percent year on year.
This was due to the company registering a core net income of P6.5 billion in the first nine months of 2022 as well, over a tenfold increase versus P600 million in the same period last year.
However, due to heavy forex losses, the shutdown of its petrochemical plant for a certain period, and other mark-to-market adjustments on the company’s bottom line, JG Summit ended the same period with a consolidated net loss of P859 million for the first three quarters of 2022, smaller than the P2.4-billion loss for the same period last year.
Universal Robina Corp.’s January-September 2022 revenues continued to improve by 26 percent year on year to P107.9 billion. However, the gain on sale of idle assets recognized last year caused an 11-percent year-on-year decline in net income to P9.3 billion in the same span.
Robinsons Land Corp.’s revenues for the first three quarters of 2022 rose 14 percent year on year to P34.4 billion due to easing of restrictions. However, net income attributable to equity holders of the parent grew slower at 6 percent year on year to P6.7 billion due to the higher share of minority interest from RL Commercial REIT Inc.
Cebu Air Inc. (CEB) gained consolidated revenues of P37.5 billion for the nine-month period, a 310-percent increase versus SPLY. This strong topline recovery reduced CEB’s net losses by nearly 50 percent year on year to P12.0 billion for the same span.
JG Summit Olefins Corp.’s (JGSOC) revenues for the nine months of 2022 fell 4 percent year on year to P26.2 billion mainly due to lower polymer sales. Higher depreciation, interest and foreign exchange (forex) losses led JGSOC to post net losses of P9.0 billion in the same period.
Robinsons Bank Corp.’s gross revenues grew to P7.7 billion for the nine months of 2022, an 11-percent increase year on year, while its net income expanded by 37 percent year on year to P1.3 billion, surpassing its full-year 2021 profits.
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