JG Summit Holdings Inc. (JGS), the flagship of the Gokongwei Group and one of the country’s leading conglomerates, reported that its core profits flew 129 percent to P14.9 billion for the first nine months of 2023 from P6.5 billion in the same period last year due to the record performance of Cebu Air. In a disclosure to the Philippine Stock Exchange (PSE), the firm said core net income amounted to P5.
5 billion in the third quarter of 2023, improving both quarter-on-quarter (QoQ) from P5 billion in the second quarter of 2023 and year-on-year (YoY) from P5.1 billion in the same period last year.“We continued to sustain the topline growth and margin expansion with good operating results in the third quarter from our business units,” said JG Summit President and CEO Lance Y. Gokongwei. He noted that, “we, however, remain cognizant of both macro and industry challenges that our SBUs continue to face, especially with the recent volatility in fuel costs and FX rates, and elevated borrowing cost