Gokongwei-led conglomerate JG Summit Holdings Inc. still saw a 5-percent dip in its core income for the first three quarters amid the absence of a one-time gain from bank merger gains in 2024.
The group said Thursday its consolidated core profits hit P19.3 billion, down from P20.3 billion a year ago.
For the third quarter alone, the company’s core net income spiked to P4.6 billion from P2.1 billion, mainly propelled by its airline and property businesses.
Its decision to cease operations in its petrochemicals business had also resulted in a ‘significant’ reduction in losses.
‘We continue to exhibit a strong upward trajectory in our recurring core profits, driven by the performance of our listed strategic business units, as well as the curbed losses from our mothballed petrochemical plant,’ JG Summit’s president and chief executive officer Lance Gokongwei said.