JG Summit folds in non core units

In a move that will enhance operating efficiencies and economies, allow productive use of resources and increase financial strength, and present better financing and credit facilities, Philippines based J G Summit has decided to fold in three of its subsidiaries. Subject to shareholder approval, JG Summit Holdings Inc. plans merger of Litton Mills Inc., JG Cement Corp. and Premiere Printing Co. Inc. With presence in food manufacturing, air transport, telecommunications, real estate, banking and petrochemicals sectors, the company saw net profits rise to P8.55 bln in 2009, from P690 mln in 2008. Core earnings, which exclude the effects of foreign exchange and market valuation gains or losses, increased 16.5% to P10.68 bln as revenues grew almost a tenth to P107.96 bln.
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