JG Summit posts P720-M loss in H1 due to huge airline losses


JG Summit Holdings, Inc. reported a consolidated attributable net loss of P720 million in the first half of 2020 from a consolidated net income of P17.40 billion for the first half of last year.

In a disclosure, the firm said this includes the impact of market valuation and foreign exchange losses of P1.75 billion this year, which was a turnaround from a market valuation and foreign exchange gains of P1.48 billion last year.

Consolidated core net income after taxes (excluding non-operating and nonrecurring items) amounted to P1.42 billion for the first half of 2020, an 89 percent decline from P13.4 billion for the first half of 2019.

This is primarily due to significant decline in JG Summit’s airline business as well as in its petrochemicals business, which were heavily affected by the impact of COVID-19 outbreak.

Consolidated revenues were down 26 percent from P158.44 billion in the first half of 2019 to P116.52 billion in the same period this year.

Universal Robina Corporation’s total revenues slightly increased from P67.04 billion in 2019 to P67.41 billion in 2020 driven by the 35 percent growth in Sugar business and 2 percent increase in branded consumer foods (BCF) domestic sales, offset by the 9 percent sales decrease in BCF international operations.

Robinsons Land Corporation’s total revenues increased by 3 percent from P14.74 billion in 2019 to P15.22 billion in 2020 mainly due to 66 percent revenue increase in the residential division which offsets the 42 percent revenue decline in the commercial centers division due to the temporary closure of the malls.

Cebu Air’s total revenues went down by 61 percent from P44.70 billion for the first half of 2019 to P17.33 billion in 2020 due to lower passenger, cargo and ancillary revenues as a result of the impact of COVID-19 outbreak.

JG Petrochemicals Group revenues decreased by 61 percent from P18.58 billion for the first half of 2019 to P7.22 billion for the same period this year as a result of lower average selling prices and volumes. 


Robinsons Bank’s revenues increased 23.0 percent from P3.89 billion for the first half of 2019 to P4.79 billion for the same period this year due to higher interest income from finance receivables resulted from growth in loans portfolio as well as higher trading gains during the period.

Revenues from core investments (which consists of dividend income and equity in net earnings of associates and joint ventures) went down by 54 percent from P9.14 billion for the first half of 2019 to P4.21 billion for the first half of 2020. This was driven by the 76 perent decline in equity in net earnings of UIC from P4.74 billion in 2019 to P1.14 billion in 2020 coming from UIC’s lower revenue from property trading and hotel operations affected by COVID-19, as well as the 44 percent decline in equity in net earnings of Meralco from P3.44 billion in 2019 to P1.92 billion in 2020 as a result of an impairment loss recognized during the period.