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JG Summit doubles core income in H1 2024 due to BPI-Robinsons Bank merger

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Without the gain from the bank merger, core income only rises by 12% while foreign exchange and mark-to-market losses continue to hurt the conglomerate's net income

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Without the P7.9-billion boon, JG Summit’s net income may look far less impressive compared to the same period last year, especially with hefty drops in non-core items such as market valuation losses on financial assets reaching P2 billion and FX losses of P243.6 million. “We have seen a divergence of results from our operating units with the strong demand for travel and leisure benefiting our air transport and real estate businesses. Our food and beverage unit continues to deliver higher sales volumes, but product mix has changed into lower price point categories, while increased plant utilization in our petrochemicals unit pulled up revenues in the first half,” he added.

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