JG Summit Holdings Inc., the listed company that holds the Gokongwei Group’s diverse business interests, said Monday it booked a P5 billion net income in the first quarter, a dramatic turnaround from a P2.8 billion net loss in the year-earlier period.
JG Summit said its various units turned in strong performances, with Cebu Pacific recording its first quarterly profit since the pandemic; Robinsons Land Corp. doubling earnings; and food unit Universal Robina Corp. improving its margins.
Increases in equity earnings from Manila Electric Co. and dividends from PLDT also provided JG Summit’s a lift.
Revenue in the quarter jumped 28 percent year-on-year to P82.3 billion.
Lance Gokongwei, president and chief executive officer of JG Summit, said the first-quarter results were a continuation of the earnings momentum seen late last year despite the lingering market challenges to the petrochemical business.
“We are continuing to invest for growth with our planned capital expenditure program in place such as new aircraft deliveries for Cebu Pacific, land banking and development projects for Robinsons Land, and capacity addition for URC, to name a few,” Gokongwei said in a statement.
“This appetite to invest supports our belief that demand will continue to be robust for the balance of the year and onwards,” he added.
