JG Summit's core net income tripled to P19.6 billion in 2023 from P6.2 billion in 2022, driven primarily by Cebu Air Inc.'s reversal of the previous year's P14 billion net loss to a P7.9 billion net income last year.
Aside from the airline rebound, the growth was fueled by expanding margins in its property and food businesses as well as tapering losses from its petrochemical unit.
Incorporating more favorable foreign exchange and mark-to-market adjustments, JG Summit said net income surged to P20.2 billion in 2023 from P700 million in the same period the previous year.
Revenues saw a 14 percent year-on year jump to P343.8 billion, driven by the first full year of unrestricted travel demand coupled with the broad-based growth in its real estate unit and the steady improvement in its food and petrochemical sales.
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Rice tariff reduction loss may hit P22 B - DOF
The Department of Finance (DOF) has estimated that revenue losses from rice tariff reduction may reach up to P22 billion this year as the government moves to bring down inflation and eventually cut interest rates to make room for economic growth.
MPIC proposes to integrate operations of MRT-3, LRT-1
Conglomerate Metro Pacific Investments Corp. (MPIC) plans to pour in at least P50 billion to operate the country's two major commuter rail system in an integrated manner.
Sideways trading may continue this week
The benchmark Philippine Stock Exchange index finished in the positive territory last Friday with a three-day winning streak. It rose by 1.33 percent week-on-week, ending at 6,518.76.
Loan defaults soar on rising interest rates
The share of soured loans to the banking sector’s total loan book increased to an 11-month high of 3.45 percent as of end-April, ending two straight months of decline, amid a high interest rate environment, according to the Bangko Sentral ng Pilipinas (BSP).
Phl rice imports continue to mount
The country’s rice imports expanded by over a quarter to more than two million metric tons (MT) from January to May compared to last year’s level, according to the Bureau of Plant Industry (BPI).
Forex buffer hits $105 B in May
Highest in more than 2 years
BOLTS REGAIN SERIES LEAD
Power restored, control regained. Quickly rebounding from their Game 2 fumble, the Meralco Bolts eked out a 93-89 nail-biter over the San Miguel Beermen to take the driver’s seat anew in the PBA Philippine Cup finals at 2-1 last night at the Smart Araneta Coliseum.
Clark faces US Olympic team snub
Women’s basketball phenomenon Caitlin Clark will not be selected for the United States Paris Olympics team, multiple US media reports said Saturday.
Ardina makes Shoprite money round
Dottie Ardina carried the fight for the Philippines in the second round of the Shoprite LPGA Classic Saturday and ensured Filipina representation in the final round at the Seaview Bay Course in Galloway, New Jersey.
SWIATEK WINS FOURTH PARIS CROWN, FIFTH SLAM TITLE
Poland's Iga Swiatek extended her French Open reign on Saturday as she thrashed Jasmine Paolini 6-2, 6-1 in the final to win a third successive Roland Garros title.
