In the first six months of 2020, the Philippines’ diversified conglomerate JG Summit Holdings Inc. (JGS) reported that its net income crashed as the businesses were hit hard by the coronavirus pandemic.
In the first half, net income nosedived by 89% year-on-year to PHP1.42 billion (USD29 million), mainly due to the sizable declines in its airline and petrochemical businesses due to the impact of the pandemic.
JGS airline business Cebu Pacific registered a loss of PHP1.97 billion (USD40.35 million), down from PHP290 million (USD5.9 million) gains in the same period of 2019.
JGS Petrochemicals Group also posted a net loss of PHP2.7 billion (USD55.5 million) compared to PHP1.29 billion (USD26.4 million) loss in the same period last year.
Robinsons Land Corp. also posted net income attributable to equity holders of PHP3.7 billion (USD75.78 million), from the PHP4 billion (USD81.9 million) it posted in the first half of 2019.
The loss was a little cushioned by the net income increases in JGS’s food and banking businesses.
JGS’ food business Universal Robina Corp. (URC) recorded a 12.6% yearly increase in net income to PHP5.98 billion (USD122.5 million).
Robinsons Bank Corp. registered a massive increase in net income by 234% year-on-year to PHP628 million (USD12.86 million).
The Philippines imposed the strictest quarantine measures under the enhanced community quarantine (ECQ) in the capital and high-risk areas starting March 17 and ended on May 15, which was followed by a modified enhanced community quarantine (MECQ) until May 31.
