Lopez Holdings H1 profit surges to P1.8-B
MANILA, Philippines - Lopez Holdings reported a 27 percent increase in attributable net income in the first six months of 2014, due to the strong performance of First Philippine Holdings and associates.
In a statement, Lopez Holdings said its net income attributable to equity holders of the parent went up to P1.815 billion in the first half, from P1.424 billion during the same period in 2013.
Unaudited consolidated revenues jumped 6 percent year-on-year to P48.648 billion in the first half, as FPH subsidiaries contributed to higher revenues from real estate (up 41 percent), contracts and services (up 7 percent), sale of merchandise (up 44 percent).
This helped offset an 11 percent decline in equity in net earnings of associates, PDRs and joint venture, mainly representing operations of ABS-CBN Corp. in the first half of 2014.
"The continuing investments being made by our associates FPH and ABS-CBN are founded on a clear strategy for sustainable growth. FPH is on track to deliver clean and renewable energy that will support the country's medium-term economic growth. ABS-CBN is poised to reap the benefits of its digital convergence strategy in the next 18 months. We are convinced that both investees will deliver creditably on their commitments to their stakeholders," Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona said.
FPH posted a 33 percent increase in net income attributable to equity holders of the parent to P2.534 billion for the January to June period, from P1.904 billion in the first half of 2013.
FPH revenues rose 6 percent to P47.996 billion in the first half of 2014, with sales of electricity accounting for 87 percent of the total.
Meanwhile, ABS-CBN reported its net income for the first half fell 23 percent to P995 million, as net revenues dropped 5 percent to P16.378 billion due to lack of election-related advertising.
As of December 31, 2013, Lopez Holdings held a 56 percent economic interest in ABS-CBN and 46 percent economic interest in FPH.
ABS-CBN Corp. is the parent company of ABS-CBNnews.com.