J.G. Summit '06 profit up 66% at P6.5B

JG Summit Holdings Inc., the investment firm of the Gokongwei family, on Friday said that its net income for 2006 rose 66 percent to P6.5 billion due to the sale of its shares in units Universal Robina Corp. and Robinsons Land Corp. In a statement posted at the website of the Philippine Stock Exchange, JG Summit said its net income attributable to equity holders, including non-recurring items, rose by 66 percent to P6.5 billion in 2006 from P3.9 billion in 2005. However, without the non-recurring items, J.G. Summit said its bottomline was slashed by 9 percent from P4.2 billion in 2005 to P3.8 billion in 2006. Revenues increased by 28 percent to P86. 1 billion in 2006 from P67.5 billion in 2005 on the "strong performance of ... food, property and airline subsidiaries." The Gokongwei family also owns budget airline Cebu Pacific and Summit Media.-GMANews.TV