San Miguel Corp, the Philippines' most diversified conglomerate, reported on Monday a first-half net loss of 2.4 billion pesos ($55 million) as foreign exchange losses erased strong results at its food, fuel and oil units.
Its first-half results compare with a net profit of 13.9 billion pesos in the same period last year. The company said without unrealised forex losses, its recurring net income would be 7.8 billion pesos in the period. First-half consolidated revenue climbed 9 percent to 357.5 billion pesos.
"Forex losses mask the solid performance we had in our businesses," San Miguel Chairman Eduardo Cojuangco said in a statement, adding sustained investment, good cash flow, a strong balance sheet and leadership positions in various industries will help the company turn in "durable results" for the remainder of the year.
The peso has lost nearly 6 percent so far this year and is the region's fourth-worst performing currency.
