JG Summit Holdings Inc. said Wednesday its core net income fell 8 percent to P6.9 billion in the first quarter of 2026 as rising fuel costs, a weaker peso and higher interest expenses dragged on earnings.
The Gokongwei-led conglomerate reported that consolidated revenues rose 7 percent to P99.9 billion during the January-to-March period. Operating profit increased 9 percent to P17.1 billion, fueled by robust consumer and leisure spending across its travel, food and real estate units.
Higher interest expenses from debt absorbed from its discontinued petrochemical unit also pressured the bottom line. Net income from continuing operations, which includes foreign exchange translation losses from dollar-denominated debt, dropped 27 percent year-on-year to P5.5 billion.
“Rising fuel costs and peso depreciation are creating dual pressures—compressing margins while simultaneously weighing on consumer purchasing power,” JG Summit president and chief executive Lance Gokongwei said.
The group is navigating geopolitical and macroeconomic uncertainty, specifically the impact of Middle East conflicts on fuel prices and freight costs. Gokongwei said the company is implementing austerity measures to drive cost discipline and maintain balance sheet strength. Jenniffer B. Austria
