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JG Summit Petrochemicals’ profit down 42.5% Jan-Sept

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/11/2014 (14:47)
According to a statement on the company’s website, Philippines’ JG Summit’s net income rose in the first nine months of this year. The company cited high equity earnings from Manila Electric Co (Meralco), a one-time gain on the sale of JobStreet amounting to Philippines pesos 1.45 billion and lower foreign exchange losses behind its stronger financial results.

The company’s net income rose 88% year over year to pesos 15.9 billion ($354.99 million) in the January- September period from pesos 8.4 billion reported in the same period of last year. EBITDA increased 35.4% to reach pesos 35.4 billion ($787 million) in the first nine months of 2014 while the company’s consolidated revenues were also up 19.3% to reach pesos 132.7 billion ($2.95 billion) when compared to pesos 111.18 billion a year earlier owing to the strong performance of its major subsidiaries.

However, JG Summit Petrochemicals’ net profit fell 42.5% to pesos 556.87 million ($12.3 million) in the first nine months compared with pesos 967.74 million in the same period of last year. The decrease was attributed to technical shutdowns affecting the company’s production since October, 2012.
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