JG Summit Holdings Inc., the investment company of the Gokongwei family, said consolidated net income climbed 54.2 percent in the first quarter to P7.44 billion from P4.82 billion a year ago, boosted by the strong performance of the airline and property businesses.
JG Summit said in a disclosure to the stock exchange that first-quarter consolidated revenues grew 8.7 percent to P76.26 billion from P70.15 billion recorded in the first quarter of 2018.
The conglomerate said while its airline and real estate businesses delivered double-digit growth in net income, it was partially offset by the profit decline in petrochemical business and lower foreign exchange translation gains and market valuation gains on the group’s financial assets.
Consolidated core net income, which excludes non-operating and nonrecurring items, was slightly lower at P6.22 billion in the first quarter compared to P6.35 billion in the first quarter of 2018.
The group’s food manufacturing unit Universal Robina Corp. posted revenues of P33.3 billion, up by 8.7 percent from P30.6 billion driven by the double-digit sales growth in all segments.
