SMC incurs P2.4-B loss from P10-B forex adjustment

Diversified conglomerate San Miguel Corp. (SMC) saw a vast turnaround in its first-half profit this year, registering a net loss of P2.4 billion from the P14.12-billion earnings it registered in the same period in 2012.

An SMC statement showed that including unrealized foreign exchange losses, the group’s net loss attributable to the equity holders of the parent company amounted to P2.4 billion.