Thursday, November 15, 2012

JG Summit 3Q Earnings Posted

Gokongwei-led JG Summit Holdings (JGS) posted a third quarter net income which grew 63.99% year-on-year to Php4.69 billion. The company disclosed that the increase in net income could be attributed to the additional Php1 billion dividend income received from PLDT last September.

Furthermore, an uptick in bond prices brought more marked-to-market gains from their financial assets. JGS’s total net income for the first 9 months of the year is now at Php15.47 billion, 30% higher than the Php11.90 billion registered for the same period last year.

The Bureau of Agricultural Statistics (BAS) stated that palay production will rise by 4.1% to 4.16 million metric tons (MT) in the first quarter of 2013 as opposed to the 3.99 million MT registered during the same period this year.

The increase will be driven by abundant harvests expected from major rice producing regions Cagayan Valley, Centrual Luzon, and the Caraga region. BAS also said that harvest areas are likely to grow 4.7% to 1.13 million hectares in 2013, though yield per hectare may drop 0.5% to 3.67 MT. BAS is anticipating the palay yield for 2012 to reach 17.98 million MT, 7.7% greater than last years harvest.

The local equities market ended flat today with the PSEi losing 4.83 points, or -0.09%, to end the day at 5,451.09, while the broader all-shares index climbed by a modest 0.06%.