• Pratt & Whitney engine compensation added to second-quarter gains.
• Second-quarter revenues rose 5 percent year on year to P95.9 billion.
• First-half revenues increased 3 percent to P194 billion.
• First-half core profit reached P14.8 billion, down 19 percent but supported by P3.2 billion in equitized engine gains.
Management’s view
“We continue to see sustained topline performance from our core business units as we benefit from improving consumer sentiment driven by easing inflation,” said JG Summit president and CEO Lance Y. Gokongwei.
“This growth has trickled down to improving core earnings, further helped by the lower losses from the shutdown of our Petrochemicals facility. We also expect higher dividends this year coming from our core units and investments,” he added.
Dividends growth
“Overall, we are optimistic on the future prospect of the business and will continue to look for opportunities to scale up into adjacencies in airport infrastructure, supply chain/logistics, and digital finance,” Gokongwei said.
The parent firm collected P11.7 billion in dividends in the first half, up 13 percent from a year ago, with higher payouts from core units and investments.
Solid performance
Universal Robina Corp. (URC) booked a 6 percent revenue climb to P85.9 billion in the first half, powered by strong sales in snacks, ready-to-drink beverages, sugar, and select overseas markets.
Operating profit held at P9.4 billion amid higher coffee costs, while core income edged up 3 percent to P6.5 billion.
Robinsons Land Corp. (RLC) reported an 11 percent topline rise to P22.2 billion on the back of high-value residential sales and improved occupancy in malls and offices. Core profit increased 6 percent to P6.9 billion, aided by lower interest rates.
Airline surge
Cebu Air, Inc. (CEB) lifted revenues 23 percent to P63.3 billion as passenger volumes jumped 21 percent and cargo surged 43 percent. Core profit grew 17 percent to P4.3 billion, helped by lower fuel prices, greater efficiency, and network expansion.
The petrochemicals unit, JG Summit Olefins Corp., remains under shutdown, focusing on asset preservation while keeping its LPG trading arm running. Management is exploring strategic options to maximize long-term value.
—Edited by Miguel R. Camus
