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Friday, March 29, 2024

Gokongwei firms change fiscal year

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JG Summit Holdings Inc., the investment company of the Gokongwei family, will change the fiscal year of its two major units—Robinsons Land Corp. and Universal Robina Corp. to follow the calendar year starting 2016.

The reporting period for RLC and URC starts October and ends September of the following year. While most companies report their financial performance in the October-December period as the fourth-quarter period, RLC and URC report them as the first-quarter of the group’s fiscal year.  This creates complication in the full-year financial report of JG Summit, which has other subsidiaries.

JG Summit chief finance officer BJ Sebastian said the conglomerate’s 2014 financial report would incorporate the full-year financial performance of RLC and URC, covering January to December, on a pro-forma basis.

Sebastian said while the transition process would be a long one, both RLC and URC will eventually follow the calendar year for the reporting period.

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