Benpres Holdings Corp., the Lopez Group's publicly listed holding firm, has posted a 45 percent drop in earnings last year due to the weak performance of some of its units and foreign exchange losses.

In a financial filing with the Philippine Stock Exchange, the company said net income in 2008 amounted to P2.93 billion compared to P5.37 billion in 2007.

It noted revenues rose 12 percent from P19.89 billion to P22.31 billion but there were foreign exchange losses of P2.21 billion, a reversal of the P3.24 billion forex gains previously.

Benpres holds the Lopez family's investments in broadcasting, cable television, power generation and distribution, real estate and telecommunications. It generates revenues from asset sales and dividends from investees.

Equity in net earnings of associates plunged 77 percent to P650 million from P2.84 billion as power subsidiary First Philippine Holdings Corp. (FPHC) recorded a 73 percent decline in profits because of high finance costs related to its debts as well as forex losses.

Benpres said it received P3.33 billion from the sale of its 49 percent stake in First Philippine Infrastructure Development Corp. to Metro Pacific Investments Corp. of the Manuel Pangilinan Group.

Media conglomerate ABS-CBN Broadcasting Corp.'s net income remained strong at P1.39 billion, 9 percent higher than the P1.27 billion in 2007. Consolidated revenues were up by 12 percent year-on-year to P22.31 billion while airtime revenues were flat at P13.51 billion despite weak television adspend.

FPHC's net income was also lower at P1.19 billion.

Bayan Telecommunications Inc. recorded total revenues of P6.32 billion, up 15 percent from P5.52 billion, with earnings before interest, taxes, depreciation and amortization or EBITDA increasing 75 percent to P1.1 billion. 

Sky Cable Corp. posted a 37 percent decline in profits to P112 million, mainly due to higher financing costs and significant investments in deploying its digital platform. Consolidated EBITDA, however, grew to P911 million from P874 million.

Property firm Rockwell Land Corp., meanwhile, ended 2008 with a net income of P603 million, an improvement of 27 percent, thanks to the strong growth in residential condominium sales which accounted for 80 percent of its total revenues.