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JG Summit allots P73B for capex

GOKONGWEI-led JG Summit Holdings, Inc. earmarked P73 billion for capital expenditures (capex) this year, up 2.8% from P71 billion the prior year, to be used by its major business segments, the company’s top official said on Monday.

“I think 2023 will be a much better year for us, that is why we are investing a total of P73 billion in capex for 2023,” Lance Y. Gokongwei, JG Summit president and chief executive officer, said during the firm’s annual shareholders’ meeting.

The company earlier said that it would use the year’s capital spending budget for new aircraft deliveries for unit Cebu Air, Inc.

Additionally, it will also set aside capex for Robinsons Land Corp.’s land banking and development projects, as well as capacity additions for Universal Robina Corp.

JG Summit did not disclose the breakdown of this year’s capex.

Mr. Gokongwei said that the company expects a robust performance for its business units this year.

During the first quarter, the company reported a core net income of P4.4 billion, reversing a P689-million net loss a year ago, after the robust performance of its business units.

Its topline for the three months grew by 28% to P82.3 billion as the revenues of its air transport business tripled while its food and property units maintained their growth momentum.

JG Summit shares fell by 2.8% or P1.40 to close at P48.60 apiece on Monday. — A. H. Halili

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