JG Summit H1 profit jumps to record P17.6B
JG Summit Holdings Inc. said its first half net income surged 79% to reach an all-time high of P17.6 billion as its airline and real estate units continued to grow at double-digit pace.
The listed holding firm delivered solid results in the second quarter which saw net earnings more than double to P10.1 billion.
JG Summit attributed the surge in income to margin improvements across its strategic business units as well as investments and foreign exchange gains.
From a P2.8 billion foreign exchange loss, JG Summit booked a net foreign exchange gain of P412 million due to the appreciation of the Philippine peso against the US dollar.
“ With inflation easing and a generally favorable macroeconomic environment this year, we continue to experience strong growth from our food, airline and real estate businesses. Our exposure to a diverse mix of core businesses and investments has certainly helped us achieve such earnings momentum. We hope to sustain this growth for the balance of the year,” JG Summit said.
JG Petrochemicals, on the other hand, trimmed its net loss to P1.29 billion from P1.6 billion.
Robinsons Bank, meanwhile, reported a 11.1% drop in earnings to P188 million.