JG Summit Holdings Inc. (JGS) registered a P2.8- billion loss in the first quarter of the year compared with a P526.5 million profit last year.
Without providing details, the Gokongwie-led conglomerate reported its revenues increased 7 percent for the period.
Given a topline figure of P34.61 billion last year, JGS may have realized a revenue of P37.03 billion this year.
“(The) topline growth was evident across all subsidiaries, except for Robinsons Land Corp. (RLC), whose strong recovery is masked by a high base that was boosted by its Chengdu Ban Bian Jie project revenues last year. Excluding the effect of Chengdu, JGS’ total revenue growth would be 28 percent,” the company said.
“While the reopening of the economy fueled significant improvements in topline and substantially trimmed Cebu Air Inc.’s core net losses, unprecedented volatility in oil and input prices weighed on the group’s margins, particularly in JG Summit Olefins Corp. (JGSOC) ,” it added.
Lance Gokongwei, JGSpresident, said the group benefited from the reopening of the economy for the first quarter, with the overall revenues “exhibiting quarter-on-quarter and year-on-year improvements.”
“However, market volatility with the increasing prices of oil and key input costs, coupled with peso depreciation have affected our profitability and we expect these to linger and put pressure on our margins. To mitigate these risks, we are proactively managing pricing and product mix, and at the same time, implementing productivity initiatives and cost management measures,” Gokongwei said.
Revenues per unit: Universal Robina Corp., P35.8 billion, up 22 percent; RLC P6.4 billion, down 61 percent; Cebu Air Inc. P6.7 billion, up 148 percent; JGSOC, P12.4 billion; Robinsons Bank Corp., P2.4 billion, up 5 percent. Portfolio investment in Manila Electric Co. generated earnings of P1.6 billion, up 30 percent; while investments in PLDT Inc. generated P1 billion through dividend, up 5 percent.
JG Summit closed the period with cash worth P23.7 billion.
