By James A. Loyola
Lopez Holdings Corporation more than doubled its attributable net income to P2.29 billion for the first quarter of 2019 up 108 percent from the P1.1 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said this is on account primarily of better financial results of the energy group under associate First Philippine Holdings Corporation, lower foreign exchange losses, as well as better earnings of ABS-CBN Corporation during the period.
Unaudited consolidated revenues increased by 19 percent year-on-year (YoY) to P32.77 billion from P27.57 billion.
FPH posted an 87 percent increase in net income attributable to equity holders of the parent while ABS-CBN Corporation registered a 120 percent increase in net income during the period.
Forex losses on FPH group’s consolidated foreign currency-denominated debt fell to P5 million from P881 million during the comparative period. ABS-CBN recorded a 22 percent increase in advertising revenues.
As of March 31, 2019, Lopez Holdings owned 49 percent of FPH and had a 56 percent economic interest in ABS-CBN.