EXCERPT

MANILA, Philippines — JG Summit Holdings Inc. of the Gokongwei family reported a net income of P5.1 billion last year, buoyed by higher earnings from the property business, gains on the sale of the Oceania business of Universal Robina Corp., and the benefits of the Corporate Recovery and Tax Incentives for Enterprises Act.

This is a marked turnaround from a net loss of P468 million in 2020.

Core net income was P3. 5 billion last year.

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