The infrastructure arm of JG Summit Holdings Inc. disclosed a plan to submit unsolicited projects to the government to develop airports and other transport infrastructure projects.
“I think transport related, primarily. We are still looking for opportunities,” JGSHI president and chief operating officer Lance Gokongwei told reporters, when asked about the plans of the newly-created infrastructure unit.
The Securities and Exchange Commission approved in September the incorporation of JGSHI.
JG Summit earlier teamed up with Filinvest Group to develop Clark International Airport for P187 billion, but the proposal was rejected by the Transportation Department as the government chose to undertake the expansion of the airport by itself.
JG Summit also teamed up with Metro Pacific Investments Corp. to jointly bid for the P17.5-billion Mactan-Cebu International Airport passenger terminal project, but it lost to GMR-Megawide Group.
The company has interests in airline, real estate, banking, food and beverage and petrochemical. It also holds minority interests in power generation and telecommunications.
JG Summit, the investment company of tycoon John Gokongwei, earmarked P48.2 billion for 2017 capital expenditures, higher than P41.9 billion it spent in 2016, to expand operations of core businesses.
Of the total, Universal Robina Corp, the group’s food manufacturing unit, budgeted P7.2 billion to expand the capacities of existing facilities both here and abroad.
Property unit Robinsons Land Corp. allocated P16 billion to construct new malls, offices, hotels and land banking activities.
The balance will be used for fleet expansion of Cebu Air, operator of Cebu Pacific and Cebgo; operating and maintenance capex of the petrochemicals group; and the expansion and maintenance projects of Robinsons Bank Corp.
JG Summit posted a consolidated net income of P14.64 billion in the first half of the year, down 16.5 percent from P17.53 billion in the same period last year.
Consolidated core net income amounted to P15.95 billion, slightly lower than 15.99 billion in same period in 2016.
Revenues went up 12.6 percent to P134.47 billion from P119.38 billion.