JG Summit Holdings Inc., the investment arm of the Gokongwei family, reported a 37 percent decline in consolidated core net income to ₱13 billion for the first half of 2026, hit by the sharp drop in Cebu Air Inc.’s earnings following the surge in jet fuel prices during the second quarter.

The conglomerate faced further earnings pressure at the parent company level due to higher interest expenses, having absorbed debt from its shuttered petrochemical subsidiary. In a filing with the Philippine Stock Exchange, JG Summit noted that total net income fell 29 percent to ₱10.7 billion, supported in part by reduced losses from discontinued petrochemical operations.

Net income from continuing operations dropped 47 percent year-on-year to ₱11.4 billion, impacted by non-core unrealized foreign exchange losses triggered by the depreciation of the peso.

Despite bottom-line pressure, consolidated revenue rose seven percent year-on-year to ₱200 billion for the six-month period. Growth was driven by strong gains in real estate, steady demand across its food and animal nutrition segments, and increased passenger volume at Cebu Air despite higher airfares. However, overall revenue growth slowed in the second quarter as elevated fuel costs and exchange rate volatility led consumers to scale back spending.

Strong performance in property, higher margins in branded consumer goods, and increased contributions from core investments helped offset airline weakness and elevated borrowing costs.

“Our first-half results reflect the underlying resilience of our diversified portfolio, with seven percent topline growth carried by broad-based property gains and a resilient food business,“ JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in a statement.

He added that the group anticipates profitability challenges to persist through the rest of the year due to elevated fuel prices, a leaner third-quarter travel season, and cautious consumer spending.

Among its operating units, Universal Robina Corp. posted a four percent increase in revenue to ₱89.3 billion, backed by steady demand in its domestic consumer food and animal nutrition divisions. Net income reached ₱6.9 billion, benefiting from lower finance costs and the absence of a large impairment charge recorded in the prior-year period.

Robinsons Land Corp. reported a five percent rise in net income to ₱7.2 billion, supported by higher occupancy across its office and mall portfolios, expanded hotel capacity, and stronger residential sales.

Cebu Air generated ₱68.6 billion in revenue, an eight percent increase year-on-year, but swung to a net loss of ₱5.9 billion. The airline was heavily impacted by a more than 60 percent spike in average fuel prices, elevated fleet financing costs, and foreign exchange losses on dollar-denominated debt.

JG Summit’s equity income from Manila Electric Co. rose 15 percent to ₱7.1 billion, while its share in Singapore Land Group Ltd. jumped 61 percent to ₱2.3 billion on stronger real estate contributions. Dividend income from Bank of the Philippine Islands increased 24 percent to ₱2.58 per share, while dividends from PLDT Inc. fell two percent to ₱46 per share due to higher financing and depreciation expenses. (James A. Loyola)