JG Summit’s income declined to P9.8-billion in H1

Conglomerate JG Summit Holdings Inc. reported a 32.8-percent percent decline in first-half net income to P9.8 billion from P14.6 billion year-on-year due to the lower profits of the petrochemicals, food and airline businesses, coupled by foreign exchange losses from the depreciation of the peso against the dollar.

JG Summit said in a disclosure to the stock exchange first-half consolidated revenues rose eight percent to P145.29 billion from P134.47 billion a year ago.

“While we continue to face the challenges arising from inflation and the weaker currency further exacerbated by tougher competitive dynamics, we are delighted to see improvements in our 2Q18 results,” JG Summit president and chief executive Lance Gokongwei said.