JG Summit suffers H1 net loss, remains 'resilient' despite pandemic disruption

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MANILA - JG Summit Holdings Inc said Friday it posted a net loss in the first half of the year, as it remained “resilient” due to its diversified portfolio that cushioned losses due to the impact of C

OVID-19.

Core net income after taxes reached P1.4 billion due to strong contributions from URC and Robinsons Bank that offset profit declines in other businesses, JG Summit said in a disclosure to the stock exchange. The “robust growth” in Robinsons Bank Corp, single digit topline growth of Robinsons Land and Universal Robina and higher dividends from PLDT Inc tempered the negative impact of the pandemic, it said.

 

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