JGS Reports Consolidated Net Income of ₱844 Million in Q3

JG Summit Holdings Inc. (JGS) reported a consolidated net income of ₱844 million in the third quarter of 2020, following a loss of ₱720 million for the previous two quarters. This totals the net income of the first three quarters of the year to ₱124 million.

JG Summit businesses include Cebu Pacific Air, Universal Robina, Robinsons Land, Robinsons Bank, JG Summit Petrochemicals, as well as investments in infrastructure and logistics, petrochemicals, information and digital technology, power and telecommunications.

Lance Gokongwei, JG Summit President & CEO, said “With the easing of restrictions, economic activity has slowly returned and our different business units showed some quarter on quarter recovery but I also note that these results are far from ideal and still showed steep declines versus a year ago,”

Gokongwei added “The prospects of a vaccine likewise give us hope that this will unlock further acceleration and recovery towards the latter part of 2021,”

Source: ABS-CBN