LISTED JG Summit Holdings Inc.’s net income surged to P31.3 billion in 2019 on the back of the strong gains of its food, airline and banking subsidiaries. In a disclosure on Wednesday, the Gokongwei-led conglomerate said the amount was a 63-percent increase from its 2018 figure, and its core net income grew by 13 percent to P25.3 billion. JG Summit’s food subsidiary, Universal Robina Corp., saw its net income grow to P9.8 billion last year. Its net income rose by 126 percent to P719.4 million last year on widening net interest margins. JG Summit Petrochemicals Group (JGSPG), meanwhile, saw its revenues decline by 31 percent to P29.1 billion.

Source: Manila Times April 15, 2020 17:26 UTC