May 16, 2007
Updated 10:34:18 (Mla time)
MANILA, Philippines -- Conglomerate JG Summit Holdings Inc. said its net profit in the first quarter was 55 percent lower than what it made in the same period last year, which was boosted by one-off gains from the sale of shares in food subsidiary Universal Robina Corp. (URC).
JG Summit posted net profit of P1.75 billion for the three months to March, compared with P3.88 billion in the same period last year, which included P3.21 billion in one-off gains. Excluding extraordinary items, the company said net income surged 161.2 percent from P670 million a year earlier.
"The significant improvement in recurring net profit was due to the record growth of Cebu Pacific's net earnings," JG Summit said. The group's airline unit reported net income of P560 million for the first quarter, reversing the year-earlier loss of P92.9 million.
The company also booked increased income contributions from URC and its property development arm, Robinsons Land Corp., despite its reduced equity interests in the two businesses.
JG Summit said revenue from continuing operations grew 4.3 percent in the first quarter as the strong sales of its food and property units were offset by the weak performance of its telecommunications and petrochemicals businesses. No absolute figure was given.
http://services.inquirer.net/express/07/05/16/html_output/xmlhtml/20070516-66224-xml.html
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