Conglomerate JG Summit Holdings Inc. said it recorded a consolidated net loss of P859 million in January to September, narrower than the P2.4-billion loss it incurred last year. Know more:
Conglomerate JG Summit Holdings Inc. said it recorded a consolidated net loss of P859 million in January to September, narrower than the P2.4-billion loss it incurred last year due to the impact of the foreign exchange losses and other mark-to-market adjustments.
“Our core businesses in food, airline, real estate and banking continue to benefit from the sustained strong demand brought about by the increase in economic activity and mobility despite the high inflationary environment while our petrochemicals business continue to suffer from weaker export demand,” Lance Gokongwei, the company’s president and CEO, said.
Cebu Air Inc., which owns Cebu Pacific airline, halved its losses to P12 billion during the period, as its margins were still greatly affected by higher jet fuel costs and the peso devaluation throughout the quarter. Revenues fell 4 percent to P26.2 billion mainly due to lower polymer sales. This was cushioned by the fresh contributions from the sale of aromatics, butadiene and liquefied petroleum gas trading.
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