MANILA -- JG Summit Holdings on Friday said its core net income reached P9.5 billion in the first half of 2023, a nearly sevenfold increase from the P1.4 billion it earned in the same period last year.

JG Summit attributed the growth to sustained margin expansion and a 23 percent consolidated topline growth, primarily on the back of growth in its airline, food, and domestic property businesses.

Universal Robina Corporation said its net income climbed 8 percent to P7 billion from January to June.

• Universal Robina net income up 18 pct in first half of 2023

Its airline Cebu Pacific said its net income reached P2.7 billion from April to June 2023, a reversal of the P1.9 billion net loss it recorded in the same period in 2022.

• Cebu Pacific net income reaches P2.7B in second quarter of 2023

Robinsons Land, its real estate arm, saw domestic net income climb 71 percent in the first six months.

• Robinsons Land domestic net income jumps 71 pct from January to June

Robinsons Bank, however, also saw its net income to slip 27 percent to P0.7 billion due to high interest expense the upward pressure of policy rates
on funding costs.

• What does Robinsons Bank bring to BPI merger?

The company also noted that its petrochemicals arm JG Summit Olefins Corporation saw net revenue decline 31 percent to P14.2 billion amid low global demand.

President Lance Gokongwei said the business is slowly seeing the fruits of their efforts to beat cost inflation and improve margins.

"I am confident that we would be able to sustain this positive momentum for the balance of the year as we proactively carry-out initiatives to stay ahead of the curve," he said.

JG Summit Holdings said its core net income hit P4.4 billion in the first quarter.

• JG Summit books P4.4 billion net income in Q1

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