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Friday, March 29, 2024

Holding companies post higher net profits

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Four major conglomerates on Tuesday reported higher profits in the first nine months of the year, amid strong domestic demand.

JG Summit Holdings Inc., the investment company of tycoon John Gokongwei, said net income climbed 44.4 percent in the first nine months to P23.2 billion from P16.1 billion a year ago, on solid contributions of airline and petrochemical businesses.

JG Summit said the increase was mainly due to the double-digit income growth of budget carrier Cebu Pacific which benefited from the drop in fuel prices and fuel hedging gains and the performance of its petrochemicals business which expanded significantly since the start of its integrated operations in November 2014.

GT Capital Holdings Inc., the investment company of tycoon George Ty, said in a disclosure to the stock exchange nine-month net income surged 46 percent to P12.3 billion from P8.4 billion a year earlier, boosted by robust performance of its automotive business and higher contributions from associates.

Cosco Capital Inc., the retail holding firm of billionaire Lucio Co, said net income grew 9.3 percent in January to September to P5.05 billion, as consolidated revenues rose 11.5 percent to P90.84 billion.

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Lopez Holdings Inc., the investment company of the Lopez family, also booked a net income of P5.52 billion in the nine-month period, up by 27 percent from the same period last year on steady performance of subsidiaries First Philippine Holdings Corp. and ABS-CBN Corp.

The company’s unaudited consolidated revenues, however, declined 8 percent to P65.6 billion from P71.1 billion a year ago.

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