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.
URC sees higher earnings in Q1, Robinsons Retail posts flat growth
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Metro Manila (CNN Philippines, April 30) Universal Robina Corporation saw earnings surge in the first three months, the Gokongwei-led company said Friday.
In a disclosure, the food manufacturing giant reported a net income of ₱3.2 billion in the first quarter, up from ₱2.1 billion year-on-year.
URC attributed its strong quarterly performance to its nine percent growth in operating income at ₱4.3 billion and lower foreign exchange losses, controlled financing costs, and benefits from the Corporate Recovery and Tax Incentives for Enterprises Act.
Total net sales, however, saw a mild annual increase of 3% to ₱34.6 billion. This was mainly due to the continued recovery of URC s international business units and growth from its commodity division, which offset challenges in domestic branded consumer foods, it said.
URC sees higher earnings in Q1, Robinsons Retail posts flat growth cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.
Published April 30, 2021, 5:00 AM
Robinsons Retail Holdings, Inc. (RRHI) reported a 2.4 percent improvement in attributable net income attributable to P945 million for the first quarter of 2021.
In a disclosure to the Philippine Stock Exchange, the firm said this is due to the company’s efforts to minimize the impact of the pandemic through the implementation of austerity measures and front margin improvement initiatives.
Consolidated net sales declined 11.1 percent to P35.6 billion for the period of January to March 2021 from the P40.06 billion registered in the same quarter last year.
Same store sales growth (SSSG) was down to 16.1 percent, with the supermarket and drugstore segments coming off from high bases induced by panic buying for essential goods such as food and medicines in the same period last year.
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Underlying net profit attributable to shareholders down 35% to US$1,094 million and underlying earnings per share down 34% to US$1.96 ·
Southeast Asian businesses and Mandarin Oriental severely impacted by the pandemic, but resilience in Hongkong Land, Dairy Farm, Jardine Pacific and Jardine Motors ·
Continued investment for the long-term exemplified by US$4.5 billion investment by Hongkong Land in West Bund in Shanghai 2020 has brought major challenges to our teams and businesses, but also demonstrated once again the Group s ability to adapt and thrive as our businesses accelerated the pace at which they adopt technology and embraced digital ways of working. High levels of uncertainty remain in respect of this year, however, given the continuing impact of the pandemic. The Group s performance in the first part of 2021 is expected to be affected in particular by the continuing headwinds faced by ou