JG Summit Holdings Inc., the holding firm of the Gokongwei group, on Thursday said it booked a net loss of P720.25 million in the first half, from last year’s income of P17.39 billion.
Its airline unit, Cebu Pacific Air, sustained heavy losses due to travel bans imposed by governments to contain the spread of Covid-19.
Revenues fell 26 percent to P158.43 billion, from last year’s P116.52 billion, the company said.
JG Summit still managed to book core net income after taxes of P1.42 billion, which excludes non-operating and nonrecurring items. The figure, however, is 89 percent lower than last year’s P13.4 billion.
The company said this is primarily due to the significant decline in its airline business as well as in its petrochemicals business, which were heavily affected by the impact of virus outbreak.
Revenues of food group Universal Robina Corp. (URC) were flat at P67.41 billion, from last year’s P67.04 billion, despite the 35-percent growth in sugar business and 2-percent increase in branded consumer foods. Domestic sales rose, but sales from its overseas market fell 9 percent.
URC’s net income for the first half grew 26 percent to P5.98 billion, from last year’s P5.31 billion.
Cebu Pacific Air’s revenues plunged 61 percent to P17.33 billion for the period, from P44.7 billion last year.
“The overall decline in revenues was brought about by the impact of the Covid-19 outbreak which started with the cancellation of flights to China, Hong Kong, Macau and South Korea in varying periods due to the imposition of travel restrictions,” it said.
The carrier ended with a net loss of P9.14 billion for the period, a reversal of last year’s income of P7.14 billion.
JG Petrochemicals Group also reported a 61-percent fall in revenues to P7.22 billion, from P18.58 billion last year, as a result of lower average selling prices and volumes, brought about by poor market conditions, as well as the facility shutdowns mostly in the first quarter.
It reported a loss of P2.71 billion for the period, much deeper than the P1.29-billion loss last year.
Robinsons Bank Corp. saw a 23-percent increase in revenues to P4.79 billion, from last year’s P3.89 billion, mainly driven by higher interest income on account of bigger loan portfolio; and higher trading and securities gains during the period.
It ended the period with a net income of P628 million, more than three times the P188 million it posted last year.