JG Summit posts flat H1 earnings

GOKONGWEI-LED JG Summit Holdings, Inc. said on Friday its net income for the first half of the year stood at P15.95 billion, little changed from last year’s P15.99 billion.

The group’s consolidated net income for equity holders of the parent stood at P14.64 billion in the first half, down 16.5 percent from the P17.53 billion recorded a year ago, “due to the lower net income of our airline business which was affected by the rise in fuel prices, as well as some mark-to-market hedging losses for the first six