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JG Summit Holdings profit misses consensus by 41.0% in Q2

JG Summit Holdings Inc. said its second-quarter normalized net income was 59 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 1.01 pesos per share.

EPS declined 5.5% year over year from 63 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.24 billion pesos, a decrease of 6.2% from 4.51 billion pesos in the year-earlier period.

The normalized profit margin dropped to 6.3% from 7.7% in the year-earlier period.

Total revenue climbed 13.9% on an annual basis to 66.97 billion pesos from 58.79 billion pesos, and total operating expenses climbed 19.0% on an annual basis to 53.53 billion pesos from 44.98 billion pesos.

Reported net income fell 9.8% year over year to 7.13 billion pesos, or 1 peso per share, from 7.90 billion pesos, or 1.10 pesos per share.

As of Aug. 11, US$1 was equivalent to 51.08 Philippine pesos.