By P.R. Venkat
JG Summit Holdings Inc.'s core net income for the first nine months of the year fell 94%, as the coronavirus pandemic continued to impact the company's operations spanning from the airline to petrochemical businesses.
The conglomerate posted core net profit of 1.2 billion Philippine pesos ($24.8 million), JG Summit said Friday.
Revenue declined 27% from a year earlier PHP167.3 billion.
For the third quarter, the company's net profit was PHP844 million, a turnaround from the PHP720 million loss in the second quarter, an indication of a revival in demand as pandemic restrictions ease.
"With the easing of restrictions, economic activity has slowly returned and our different business units showed some quarter on quarter recovery but I also note that these results are far from ideal and still showed steep declines versus a year ago," Chief Executive Lance Gokongwei said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
11-12-20 2139ET