JG Summit Holdings, Inc. (JGS), the flagship of the Gokongwei Group, posted a turnaround in the first quarter of 2023 with net income jumping to P5 billion billion from a net loss of P2.8 billion in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said this robust performance was delivered on the back of its topline growing 28 percent year-on-year (YoY) to P82.3 billion in the first quarter of the year from P66.63 billion in the same period of 2022. Cebu Air, Inc. (CEB) attaining its first profitable quarter since the pandemic, Robinsons Land Corporation (RLC) doubling its earnings year-on-year (YoY), and Universal Robina Corporation (URC) improving its operating margins primarily led the significant turnaround in JGS’ core profits. Core net income amounted to P4.4 billion in the first quarter of 2023 coming from a P689 million loss in the same period last year (SPLY). Non-core items such as foreign exchange gains or losses, the group’s reported bottomline also improved. With the solid recovery in travel demand, JGS witnessed revenues tripling in its air transport business while it saw sustained growth momentum across its property and food segments. Likewise, there were sizable increases in its equity earnings from Manila Electric Company (MER) and its dividends from PLDT. “The momentum that has started in the latter part of 2022 continued to accelerate in the first quarter of 2023 with strong topline results and a recovery in core earnings,” JG Summit President and CEO Lance Y. Gokongwei. He noted that, “Despite the lingering market challenges on the Petrochemicals industry, most of our core businesses are now poised to approximate or even eclipse their pre-pandemic highs with strong recovery in our airline, consistent growth of our food driven by buoyant demand, and the reliability of our real estate earnings.” “We are also seeing inflation easing out, and this should further result to margin recovery across our portfolio. We are continuing to invest for growth with our planned CAPEX program in place such as new aircraft deliveries for CEB, land banking and development projects for RLC, and capacity additions for URC, to name a few. This appetite to invest supports our belief that demand will continue to be robust for the balance of the year and onwards,” Gokongwei added. URC’s sales for the month of March hit a new record high as consumer demand remained buoyant and as the company improved fill-rates after overcoming system migration- related challenges early in the year. RLC saw higher foot traffic and retail spending in malls, larger contributions from its residential projects, higher bookings in its hotels, and a steady growth in its office segment. CEB returned to full-quarter profitability after the heavy disruption brought about by the pandemic. Systemwide revenues tripled to Php20.9 billion on the back of the strong recovery in its core passenger business and ancillary businesses. JG Summit Olefins Corporation’s revenues declined by 30 percent YoY to P8.7 billion in the first quarter of 23 due to lower petrochemical sales volumes and weaker selling prices, cushioned by its sustained LPG trading operations. Its decision to temporarily shutdown its manufacturing complex beginning February 2023 mitigated the adverse impact of thin polymer spreads and subdued global demand on the company’s profitability. This curtailment and JGSOC’s effective cost control helped reduce its net losses by more than 50 percent QoQ to P2.7 billion in the first three months of 2023. Robinsons Bank Corporation’s total loans expanded 12 percent to P110.8 billion primarily led by its consumer lending book. This plus the hefty increase in its fee income boosted its gross revenues by 34 percent YoY to P3.2 billion in the first quarter of 2023. On the other hand, net interest income and net income settled at P1.8 billion and P0.4 billion, respectively. Both are P0.1 billion lower against comparable figures last year as the repricing of its loan portfolio lagged the rapid rise in funding costs. Equity earnings from MER amounting to P2.1 billion improved 30 percent YoY mainly on account of the strong performance of its power generation units in the Philippines and in Singapore. PLDT declared a regular dividend of P45 per share, 3 pesos higher than last year, and an additional special dividend of P14 per share. This led to a total dividend income of P1.4 billion from PLDT, up 40 percent YoY.