JG Summit Holdings reported that net income for the first nine months of fiscal 2009 amounted to P5.86 billion as it recorded a net income of P2.25 billion during the third quarter of the year.

The firm disclosed that last year’s reported net income amounted to P108.88 million, which included a foreign exchange loss of P3.06 billion and a market valuation loss of P3.39 billion.

However, even excluding the effects of the financial and foreign exchange markets, JG Summit still showed marked improvement as core earnings for the first nine months increased 7.9 percent from P6.49 billion in 2008 to P7.0 billion in 2009.

Likewise, Core EBITDA (earnings before income tax, depreciatton and amortization) for the period increased 27.6 percent from P14.78 billion to P18.85 billion. Total comprehensive income, which includes income items directly booked to equity amounted to P10.64 billion for the nine months ended September 30, 2009.

Consolidated revenues increased by 11.6 percent from P70.36 billion to P78.53 billion this year driven by the continued growth in sales and revenues of our core businesses, mainly: foods, airline and the mobile phone business.

In addition, equity in net earnings of associates recorded a 68.4 percent growth during the period, from P1.49 billion last year to P2.51 billion during the first nine months of this year.

This revenue growth, however, was offset by the decline in the revenues of our petrochemical business by 42.6 percent to P3.61 billion during the period from P6.28 billion for the same period last year.

Mark-to-market gains recognized during the period amounted to 1.93 billion, as compared to a loss of P=3.39 billion recorded for the same period last year, due to the recovery of capital markets particularly during the third quarter of this year.

Foreign exchange loss recorded for the first nine months of 2009 amounted to P135.44 million, a 95.6 percent decrease from P3.06 billion in the same period last year when peso devaluation was higher.

Interest income declined 34.2 percent for the first nine months of 2009 from P1.98 billion last year to P1.30 billion this year due to lower average investment portfolio during the period as compared to last year’s.