JG SUMMIT REPORTS LOWER INCOME ON CEBU AIR TURBULENCE
JG Summit Holdings, Inc. today reported lower first quarter earnings of P4.26 billion, down 18.8 % from its year-ago level of P5.24 billion on the turbulence that its airline subsidiary , Cebu Air, encountered with the Covid 19 pandemic.
Cebu Air’s total revenues went down by 25% from P2.18 billion earned in the first quarter last year, to P15.9 billion due to the 16.5 % drop in passenger traffic arising from the decline in flights because of the pandemic.
The imposition of travel restrictions beginning March 19 exacted a toll on the conglomerate’s consolidated revenues which dropped by 9.7 % to P67.88 billion from P75.21 billion a year ago. #coronavirusimpact #COVID19PH