JG Summit posts core net income of P450M

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JG SUMMIT Holdings Inc. has ended 2020 with core net income after taxes of P450 million.

The double-digit revenue growth in its banking and office segments, robust sales in food and higher dividends from its telecommunications investment, tempered the negative impact of the pandemic to the company’s overall operating results.

Its petrochemical unit saw lower sales volumes and selling prices on the back of weaker global industrial demand while its air transport business was severely impacted by flight restrictions.

Equity earnings from its core investments in Meralco, Global Business Power Corp. and United Industrial Corp. also declined year-on-year. JG Summit’s consolidated revenues for 2020 amounted to P221.6 billion, 27 percent lower versus the same period last year. (PR)