By P.R. Venkat
JG Summit Holdings Inc. reported a first-half loss as Covid-19 pandemic curbs hurt the company's airline and petrochemical businesses.
The conglomerate posted a loss of 720 million pesos ($14.7 million) after taking into account a market-valuation loss on fuel hedges and impairment on investments, JG summit said.
The company had posted a net profit of PHP17.40 billion in the same period last year.
Revenue fell 26% to PHP116.5 billion.
The company's Cebu Air Inc. airline suffered a loss as Covid-19 pandemic restrictions around the world forced it to ground flights.
JG Summit's petrochemical business posted a drop in revenue due to lower sales and weak industrial demand.
"We have experienced the more pronounced impact of Covid-19 on our businesses in the recent quarter with the implementation of the stricter lockdown and quarantine protocols nationwide," the company's chief executive Lance Gokongwei said.
Write to P.R. Venkat at venkat.pr@wsj.com