“The current overall economic slowdown has led to tepid petrochemicals demand,” said JG Summit, which also cited the effects of the United States-China trade row.
The group also receives dividends from its 8-percent stake in telco giant PLDT Inc. It also owns 29.56 percent of Manila Electric Co. and 30 percent of Global Business Power Corp. During the third quarter alone, profit declined 2.4 percent to P4.84 billion even as group-wide revenues went up 12.2 percent to P81.16 billion.
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