JG Summit Q1 earnings plunge 61% on petrochemical losses

JG Summit Holdings Inc. reported a 61% plunge in its first-quarter earnings to P4.3 billion, primarily due to losses at its petrochemicals unit.

The company's petrochemical unit, JG Summit Olefins Corp. (JGSOC), will remain shut for at least two years due to ongoing challenges in the global market, with a focus on asset preservation and strategic evaluation.

Consolidated revenues increased by 2% to P98.2 billion, boosted by sustained demand in leisure activities like travel, and mall and hotel offerings.

Core net income dropped significantly due to a nonrecurring gain from a merger deal last year.

JG Summit president and CEO Lance Gokongwei expressed optimism for the rest of the year, anticipating improved consumer sentiment due to tempering inflation, favorable forex, and oil prices.

Universal Robina Corp. (URC) saw its net income slip by 2% to P4.1 billion, although its core profit was up by 5% excluding lower foreign exchange gains.

Robinsons Land Corp. (RLC) reported flat earnings of P3.5 billion and P10.7 billion in revenues, benefiting from its investment portfolio.

Cebu Air Inc., operator of Cebu Pacific, experienced a 79% drop in its bottom line to P466 million due to expansion-related costs.