JG Summit income down 89% in H1

Diversified conglomerate JG Summit Holdings Inc. (JGS) reported an 89% decline in its net income for the first six months of the year, as its businesses were weighed down by the coronavirus pandemic.

In a regulatory filing, JGS said its net income after tax fell to P1.42 billion in the first half, down from the P13.4 recorded the same period last year.

"[P]rimarily due to significant decline in our aline business as well as in our petrochemical business, which were heavily affected by the impact of COVID-19 outbreak," it said.

Its airline business Cebu Pacific incurred a hedging loss of P1.97 billion, down by P2.26 billion from the P290-million gain recorded last year.

JG Summit Petrochemicals Group likewise recorded a net loss of P2.71 billion, wider than the P1.29-billion net loss the same period in 2019.

Meanwhile, food business Universal Robina Corp. (URC) posted a 12.6% increase in net income to P5.98 billion from P5.31 billion.

Robinsons Land Corp. reported a P3.7-billion consolidated net income attributable to equity holders, down from P4.0 billion.

In terms of banking, Robinsons Bank Corp. recorded a 234% increase in net income to P628 million versus P188 million last year.

To recall, the strictest quarantine measures under the enhanced community quarantine (ECQ) were imposed in Metro Manila and other "high-risk" areas from March 17 to May 15, followed by a modified enhanced community quarantine (MECQ) until May 31.—AOL, GMA News