15.85 billion in first 9 months JG Summit profit surges on one-time gain

JG Summit Holdings Inc. posted an 88.4 percent jump in net income to 15.85 billion for the nine months of 2014, from 8.41 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said earnings were boosted by the recognition of equity earnings from Manila Electric Company, one-time gain on sale of JobStreet amounting to 1.45 billion and lower foreign exchange loss.

Core net income increased 37.0 percent to 15.02 billion for the nine months of 2014 from 10.96 billion for the same period last year.

Consolidated revenues grew 19.3 percent from 111.18 billion to 132.7 billion due to the strong performance of its major subsidiaries.

Universal Robina’s total revenues increased by 15.2 percent to 69.2 billion, Cebu Air’s up by 25. percent to 38.45 billion and Robinsons Land Corporation’s also increased 5.3 percent to 13.05 billion, which was brought about by the aggressive sales and marketing efforts of these subsidiaries.

As of September 30, 2014, JG Summit Petrochemicals still operated marginally as its integrated naphtha cracker and polymer operation went into commissioning stage and its first trial runs.

Equity in net earnings of associates, primarily from investments in UIC and Meralco, increased 298.7 percent from 1.45 billion for nine months of 2013 to 5.78 billion for the same period in 2014.

The Group recognized a lower net foreign exchange loss of 379.48 million for the nine months of the year compared 2.85 billion for the same period last year.

Net mark-to-market gains dropped to 23.90 million this year from 74.71 million for the same period last year as the financial markets dipped a bit during the period.

JG Summit Petrochemicals Corporation’s (JGSPC) revenue for the nine months ended June 30, 2014 amounted to 556.87 million, a 42.5 percent decrease from last year’s 967.74 million as a result of the technical shutdown of the production since the start of the fiscal year in October 2012.

Robinsons Bank Corporation reported a net income of 175.39 million for the nine months ended September 30, 2014, a 59.0 percent decline from last year’s 427.83 million in the same period.

The decline is due mainly to lower trading gains of

40.58 million recorded for the period in 2014 from last year’s 451.24 million.