SUMMARY
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MANILA, Philippines — The weak performance of its airline and petrochemical units pulled down Gokongwei-led JG Summit Holdings Inc.’s net income in the first half of 2013.
The conglomerate, controlled by the 5th richest in the Philippines based on a Forbes list, reported a 30.8% decline in January-June earnings to P5.17 billion from P7.47 billion in the same period of 2012.
JG Summit booked foreign exhange losses worth P2.97 million as the peso depreciated 5.2% to P44 against the dollar during the 6-month period – the lowest in two years.
The net income of budget airline unit Cebu Pacific fell 18.5% year-on-year to P1.41 billion on higher expenses and forex losses. Cebu Pacific has dollar-denominated long-term debt.
On the other hand, unit JG Summit Petrochemicals Corp. recorded a net loss of P568.43 million after shutting down production due to technical issues.
Other core units performed well in the first half.
Food and beverage manufacturer Universal Robina Corp. registered a first-half net income of P5.41 billion, versus P4.22 billion a year ago, thanks to strong beverage sales.
Property developer Robinsons Land Corp. earned P2.43 billion, up 8.7%, while banking unit Robinsons Bank Corp. booked P379.52 million profit, up 55.4%. – Rappler.com
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