MANILA – JG Summit Holdings Inc. on Friday said its core net income in the third quarter reached P5.5 billion or 19 percent lower compared to the same period last year.
The holding company of the Gokongweis attributed the drop to the “very challenging” environment for its airline, Cebu Pacific, and its petrochemical business due to higher fuel prices.
However, JG Summit said its year-on-year decline has tapered compared to the 23 percent drop from the first quarter to the second quarter this year.
It said the decline was partially cushioned by the financial performance of its other businesses in food, real estate, and banking.
The improvements were attributed to Universal Robina Corp’s (URC) “recovering operating margins” on the back of higher selling prices in its branded consumer food business and better cost management, among others.
Its property business Robinsons Land Corp (RLC) also sustained double-digit growth, JG Summit said.
“We are pleased to see pockets of growth in our 3Q18 results as our businesses continue to traverse a very challenging macro-economic and competitive environment," JG Summit President and Chief Executive Officer Lance Gokongwei said.
Cebu Pacific, Robinsons Bank, URC, and RLC are among the units of JG Summit.