JG Summit cuts petrochemical loss for the fiscal

JG Summit Petrochemical Corp., a subsidiary of JG Summit Holdings Inc. has trimmed down its net loss for the fiscal year ended-September 2007 to P722.44 mln from P3.36 bln recorded in the previous fiscal year. Net sales decreased to P5.15 bln from P5.46 bln in the previous fiscal. Operating expenses reduced to P261.46 mln from P3.03 bln in 2006. JG Summit Petrochemical produces multiple grades of polyethylene and polypropylene. After JGSHI bought an additional 17.72% stake in the company from Japan's Marubeni Corp. last year, JG Summit Petrochemical became a wholly-owned subsidiary JGSHI.
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