JG Summit revenues drop 27%

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    JG Summit Holdings Inc. plunged to P124 million in the first nine months of the year from P21.07 billion last year, as revenues dropped 27.41 percent to P167.26 billion from P230.41 billion a year ago.

    The company said operations remain challenged by the coronavirus disease 2019 (COVID-19) pandemic disruption but has improved in the third quarter as movement restrictions were eased. Core profit for the nine months reached P1.2 billion.

    “Consolidated net income in the third quarter of 2020 registered at P844 million, a significant turnaround from the reported P720 million loss in the first six months of 2020.

    Improving contributions from petrochemicals and real estate coupled with reduced losses from air transport drove the quarter on quarter recovery,” JG Summit said, adding that higher margins from food and banking also boosted earnings.

    JG Summit said the resilient topline performance of its food, banking and office business segments continue to temper the year-on-year decline in its airline, mall, hotel and petrochemical revenues in the nine months.