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JG Summit s profits eaten up by airline losses

Published May 14, 2021, 3:17 PM JG Summit Holdings, Inc. (JGS), the flagship of the Gokongwei group, reported a consolidated net income of P122 million in the first quarter of 2021 from P1.9 billion in the same period last year. Based on the firm’s disclosure to the Philippine Stock Exchange, earnings were weighed down by losses of its airline business as well as by some foreign exchange losses on its US-dollar bond. JG Summit registered revenues of P67.6 billion for the first quarter of 2021, steady versus same period last year. “Our food and banking segments remain stable, while businesses that were heavily impacted by the strict mobility restrictions and quarantine measures have shown sustained quarter-on-quarter recovery since the significant decline during the ECQ last year,” said JG Summit President & CEO Lance Gokongwei.

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Cebu Air shareholders approve long-term incentive plan for employees

Cebu Air shareholders approve long-term incentive plan for employees
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Clifford Chance advises investors on Cebu Pacific s private placement of US$250 million convertible bonds

Clifford Chance advises investors on Cebu Pacific’s private placement of US$250 million convertible bonds 12 May 2021 Clifford Chance advises investors on Cebu Pacific’s private placement of US$250 million convertible bonds Leading international law firm Clifford Chance has advised International Finance Corporation, IFC Emerging Asia Fund, LP and Indigo Philippines LLC, an affiliate of private equity firm Indigo Partners LLC, on the private placement of US$250 million convertible bonds due 2027 by low-cost carrier Cebu Air, Inc. (Cebu Pacific) listed on the Philippines Stock Exchange. The bonds are convertible into common shares of Cebu Pacific. The shares issued as a result of the conversion of the convertible bonds will be listed on the Philippines Stock Exchange.

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Cebu Air Bleeds In First Quarter Net-Loss

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Cebu Pacific operator secures $250M in fresh capital as Q1 net loss widens to ₱7 29B

endIndex: Metro Manila (CNN Philippines, May 10) The operator of low-cost carrier Cebu Pacific has raised $250 million (around ₱11.96 billion) in fresh funds as it continues to face financial hemorrhage with a net loss of ₱7.29 billion in the first quarter due to lingering coronavirus restrictions. In a statement issued Monday, listed Cebu Air Inc. (CEB) said the multimillion-dollar investment from the IFC, the IFC Emerging Asia Fund a private equity fund managed by the IFC Asset Management Company and American private equity firm Indigo Partners could provide longer liquidity to help the company withstand the effects of the pandemic until travel demand recovers.

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