JG Summit trims losses
JG Summit Holdings Inc. t has reduced its losses in the first nine months of the year to P859 million from P2.4 billion last year.
Revenues grew 34 percent to P224.8 billion from P167.76 billion.
The conglomerate grew its core profit to P6.5 billion, up more than 10-fold from P 600 million, driven by both the significant improvements in the operating results of its consumer-facing businesses.
“Key subsidiaries in food, property and banking posted double-digit topline growth, while the airline saw strong recovery as travel restrictions were eased,” it said.
CEB net loss down to P12B
Cebu Pacific Inc. has trimmed down its net loss by 45 percent to P12 billion in the first nine months of the year from P22 billion net loss in the same period last year driven by significant growth of its revenues on both passengers and cargo services.
In a filing in the stock exchange, CEB said the company recorded revenues of P37.5 billion 3 billion for the period, higher by 310 percent than the P9.2 billion revenues last year.
“The overall increase in revenues was primarily driven by significant increase in passenger volume, cargo services and flight activities as the COVID-19 restrictions already eased by March 2022,” CEB said.
Jollibee sales hit P130B
Jollibee Foods Corp. recorded a 168.2 percent increase in profit to P7.24 billion compared to last year’s P2.7 billion.
Revenues reached P150.36 billion, a 38.5 percent increase from last year’s P108.57 billion.
Systemwide sales rose 40.9 percent to P210.88 billion compared to last year’s P149.68 billion.
For the period, Jollibee opened 361 new stores across the world. SuperFoods, Coffee Bean and Tea Leaf (CBTL) and Milksha opened 89, 69 and 24 stores, respectively.
The JFC Group also closed a total of 207 stores during the period: 46 in the Philippines and 161 abroad.
2GO swings to profit
2GO Group Inc. registered a net income of P240 million in the first 9 months of the year from a net loss of P939 million in the same period last year.
2GO revenues grew 20 percent to P14 billion during the period.
2Go delivered back-to-back profitable quarters with strong third quarter net income of P166 million, a 52 percent increase over the second quarter.
The strong performance was driven by continued growth across major business lines with a focus on the quality of revenue and customers combined with efficiencies in operations and controlled costs.
Shipping revenues rose 68 percent as freight grew 47 percent while travel grew 259 percent. Logistics and other services revenue grew 28 percent, boosted by the growth in cold chain services, forwarding, and e-commerce fulfillment.
