BusinessWorld
May 14, 2021 | 7:09 pm
JG Summit Holdings, Inc. posted a P122.19 million net attributable income in the first quarter, down 94% from P1.9 billion in the same period last year.
In a regulatory filing, the Gokongwei-led conglomerate said its core net income stood at P295 million “as margin gains from Universal Robina Corporation (URC) and JG Summit Petrochemicals Group (JGSPG) cushioned the negative impact of the pandemic in Robinsons Land Corporation (RLC), Cebu Air, Inc. (CEB) and Robinsons Bank Corporation (RBank)’s bottomline.”
Revenues stood at P67.64 billion, slightly down from last year’s P67.88 billion.
JG Summit said that the strong performance of its food and banking divisions, better use of its petrochemical plants, and the contribution of its Chengdu real estate project made up for the decline in Cebu Air’s revenues.
BusinessWorld
May 14, 2021 | 8:04 pm
SM Investments Corp. is the highest-ranking Philippine company in the Forbes Global
Courtesy of SM Investments Corp. Facebook page
Six Philippine firms have again made it into the latest Forbes Global 2000 list ranking the world’s top public companies.
SM Investments Corp. (SMIC) now leads Philippine firms at 877th place in Forbes magazine’s global ranking of the biggest and most valuable firms based on sales, profits, assets, and market value.
SMIC’s ranking rose from the 1,092nd spot in 2019 as its market value stood at $24.3 billion, assets at $25.5 billion, and profits at $471.6 million.
Sy-led lender BDO Unibank, Inc. followed at 1,159, dropping from the country’s top spot at 1,018 in 2019.
Published May 14, 2021, 3:17 PM
JG Summit Holdings, Inc. (JGS), the flagship of the Gokongwei group, reported a consolidated net income of P122 million in the first quarter of 2021 from P1.9 billion in the same period last year.
Based on the firm’s disclosure to the Philippine Stock Exchange, earnings were weighed down by losses of its airline business as well as by some foreign exchange losses on its US-dollar bond.
JG Summit registered revenues of P67.6 billion for the first quarter of 2021, steady versus same period last year.
“Our food and banking segments remain stable, while businesses that were heavily impacted by the strict mobility restrictions and quarantine measures have shown sustained quarter-on-quarter recovery since the significant decline during the ECQ last year,” said JG Summit President & CEO Lance Gokongwei.
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