- Advertisement -
JG Summit Holdings Inc. of industrialist John Gokongwei said net income in 2016 dropped 52 percent to P10.9 billion from P22.6 billion in 2015, after it incurred P16.7 billion in impairment losses primarily from the decline in the market value of the group’s investment in PLDT Inc.
Excluding the effect of the impairment loss, the group’s consolidated net income from equity holders of the parent amounted to P27.63 billion in 2016, up 22 percent from P22.61 billion in 2015.
JG Summit said in a disclosure to the stock exchange core net income amounted to P29.9 billion, up 6.9 percent from a year ago level.