Break JG Summit nets P7.4B


MANILA, Philippines — Gokongwei group-led conglomerate JG Summit Holdings grew first quarter net profit by 54 percent year-on-year to P7.4 billion on higher earnings from its food, airline and property businesses alongside some market valuation and hedging gains.


Excluding one-off items, consolidated core net income was flat at P6.2 billion, weighed down by the decline in the petrochemical business.


Meanwhile, mark-to-market and hedging gains along with significantly lower foreign exchange losses from the balance sheet of the parent conglomerate and aviation unit Cebu Air also boosted overall profits.


“Coming from a very challenging 2018,…

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