| THE Gokongwei-controlled JG Summit Holdings Inc. said Wednesday that net income dropped to P1.74 billion in the first quarter, from P3.88 billion a year earlier.
Net profit last year was significantly higher because of the P3.21-billion JG Summit booked from the shares sale of food and beverage unit Universal Robina Corp. (URC).
Consolidated revenues declined 13.0 percent from P23.0 billion to P20.01 billion in the same comparable period as income from interests and sales posted by its telecom and petrochemical units also sagged.
URC, whose fiscal year ends in September, contributed a consolidated net sales and services of P9.2 billion for the three months ending December 31, 2006, marginally higher than the revenues reported in the same period a year earlier.
For the first half of fiscal year 2007 ending March, URC’s unaudited consolidated net income reached P4.12 billion, up 181 percent from P1.47 billion a year earlier.
Property developer Robinsons Land Corp. delivered gross revenues of P2.07 billion from October to December 2006, the first quarter of its fiscal year 2007.
From October 2006 to March 2007, RLC said its audited net income amounted to P1.22 billion from P831 million in the same period last year.
Meanwhile, Digital Telecommunications generated consolidated revenues of P2.4 billion for the three-month period ended March 31, 2007, down 22.8 percent from P3.123 billion a year earlier due to lower net foreign exchange gain in 2007.
Cebu Air Inc., JG Summit’s affordable airliner, reported revenues of P3.19 billion for the quarter ending March 31, 2007, up 62 percent from P1.96 billion a year earlier.
Another unit, JG Summit Petrochemicals Corp. reported that revenue fell 60 percent in the first quarter to P566.6 million as a result of a 64-percent drop in sales volume.
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