Forex losses pull down JG Summit profit

Foreign exchange losses dragged the first-half income of the Gokongwei-led conglomerate JG Summit Holding Inc., or by 31 percent.

In a disclosure to the Philippine Stock Exchange on Wednesday, JG Summit reported that its unaudited consolidated net income attributable to equity holders of the parent company for the second quarter of 2013 amounted to P310.8 million, bringing its net income for the six months ending June 30, 2013, to P5.2 billion from the P7.5 billion recorded in the same period in 2012.