Conglomerate JG Summit Holdings Inc. said core net income in 2015 jumped 38 percent to P28.05 billion from P20.3 billion in 2014, boosted by the double-digit income growth of the airline and petrochemical subsidiaries.
JG Summit said in a disclosure to the stock exchange net income attributable to equity holders of the parent also increased 23.9 percent to P22.6 billion from a year ago level of P18.25 billion.
“The increase is slower compared to the growth of core net income because of foreign exchange losses caused by the depreciation of the Philippine peso vs. the US dollar by more than P2 by year-end 2015 as well as mark-to-market losses mainly from Cebu Air’s hedging losses in 2015,” JG Summit said.
Consolidated revenues climbed 24 percent to P229.3 billion due to the strong performance of core businesses.
Universal Robina Corp. reposted consolidated sales of P112 billion, up 16 percent from a year ago, while Robinsons Land Corp., booked revenues of P20.3 billion, an increase of 24 percent from 17.43 billion.
Airline unit Cebu Air Inc. generated gross revenues of P56.5 billion, up 8.7 percent from P52 billion a year ago, mainly attributed to the increase in passenger revenues.
JG Summit Petrochemical Group booked gross revenue of P26.78 billion, significantly higher P3.23 billion year-on-year, as the company resumed its commercial operations after the completion of its polymer plant expansion and rehabilitation project.
Ayala Land Inc., meanwhile, said it would spend P80 billion to P90 billion in capital expenditures annually to achieve the target of expanding the company’s net income to P40 billion by 2020, according to a top official of the company.
“The capex number will be within the vicinity of P80 to P90 billion every year through 2020. That is pretty much the level we are looking at,” Ayala Land chief finance officer Jaime Ysmael said in an interview at the sidelines of the annual stockholders’ meeting.
“We will try to spread it out so we could finance it internally. But that is the level we will be able to act and enable us to continue to develop and achieve our plans,” Ysmael added.
Ayala Land president Bernard Vincent Dy said the company was on track with the 2020 plan as the company remained aggressive with its expansion plans.
“We feel the economy remains supportive of the property industry across the board, namely residential, retail, hotels and offices. We feel confident that in 2016 we will make a progress in achieving our 2020 plan,” Dy said.
Dy said the company would remain focus on the Philippines even as the company made initial investment in Malaysia through MCT Bhd and explored investment opportunities in Myanmar.
“We are focused in Philippines because we have quite number of projects here and as we continue to build up our leasing assets. We just acquired equity stake in MCT,” he said.