JG Summit Q3 core profit climbs to P4.6 billion on airline, real estate gains

JG SUMMIT Holdings, Inc. posted a core net income of P4.6 billion for the third quarter (Q3), up from P2.1 billion a year earlier, supported by gains in its airline, real estate, and food businesses, as well as reduced losses from its idle petrochemical plant.

- Sheldeen Joy Talavera

“We continue to exhibit a strong upward trajectory in our recurring core profits, driven by the performance of our listed strategic business units, as well as the curbed losses from our mothballed petrochemical plant,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in a statement on Thursday.

Revenues declined by 6% year on year to P83.5 billion, due to the shutdown of its loss-making petrochemical business earlier this year, the company said. Without it, the topline would have improved by 6%.

he company has yet to release its full financial report as of press time.