Lopez Holdings posts P1.42-B net income in H1
MANILA, Philippines - Lopez Holdings posted P1.424 billion in net income attributable to equity holders of the parent for the first six months of the year.
This is 74% lower than the P5.451 billion in net income attributable to equity holders of the parent reported in the same period last year. The lower profits were due to the absence of one-off gains during the first half. To recall, First Philippine Holdings Corporation (FPH) sold a 2.66% stake (30 million shares) in Meralco in January 2012 and recorded a gain on business combination following the listing of Rockwell Land Corporation in May 2012.
Lopez Holdings said unaudited consolidated revenues fell by 10% year-on-year to P45.281 billion from P50.450 billion as subsidiary FPH saw a decline in the sale of electricity and in the sale of merchandise.
“FPH continues to pursue its growth agenda in renewable energy, anchored on stable cash flows from its portfolio of gas and geothermal plants. ABS-CBN is set to build a first-of-its kind kiddie theme park in the country, while ABS-CBN Convergence will be the newest mobile phone provider in the country by the end of the year. We fully support these new investments which will lead to superior valuations in the long term,” said Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona.
ABS-CBN posted a 44% jump in consolidated net income to P1.339 billion for the first half of 2013, boosted by robust regular advertising revenues and political ads.
As of June 30, 2013, Lopez Holdings held a 56.6% economic interest in ABS-CBN and 46.2% in FPH.
Under recently adopted Philippine Accounting Standards, Lopez Holdings has de-consolidated ABS-CBN Corporation and now consolidates FPH and in its financial statements. Comparative financial statements for 2012 have been restated to reflect the change.
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