JG Summit Cuts CAPEX Budget

27 Mar


JG Summit Holdings Inc. (JGS) is reducing its capital expenditure budget for the year in the absence of big-ticket projects that pushed spending in the last two years.

The company is spending PHP 35.0 billion, down 30.0% from the PHP 50.0 billion in 2014, for its airline, property, and snack food businesses.

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Robinsons Land Corp. is investing PHP 17 billion, while Universal Robina Corp. is spending PHP 9 billion this year.

In terms of funding, JG Summit had raised PHP 8.8 billion from its top-up placement last January 2015.

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Posted by on March 27, 2015 in Corporate News, JGS, Stock Market


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