JG Summit’s 2013 net income down 25% on forex losses

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Listed JG Summit Holdings Inc. said net profit shrank 25.5 percent in 2013 after it incurred P4.1 billion in foreign exchange losses following the 8.1 percent depreciation of the peso during the year. JG Summit reported net profit of P10.10 billion last year from P13.55 billion in 2012, when the group recorded foreign exchange gains of P1.40 billion. Consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) reached P34.17 billion, up 15.7 percent. The Gokongwei-led conglomerate also posted a 22-percent increase in consolidated core net income after taxes of P13.41 billion, from P10.99 billion in 2012. Consolidated revenue grew 8.9 percent to P147.63 billion on of the strong performance of its major subsidiaries. The company said total capital expenditure in 2013 was about P36 billion.

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