MANILA - Benpres Holdings Corp. said Wednesday it posted a net profit of P475 million in the first semester of 2009, reversing a net loss of P647 million in the same period of 2008, as its major businesses registered higher earnings and its foreign exchange losses declined.

In a statement, Benpres said its consolidated revenues grew 14% to P11.69 billion in January to June, compared to P10.25 billion in the same months last year.

It added that the depreciation of the peso brought down its foreign exchange losses by 76% to P180 million from last year's P745 million.

Benpres is the Lopez conglomerate's holding firm for its investments in broadcasting, power generation and distribution, cable television, telecommunications and real estate. Its earnings reflect the collective performance of its subsidiaries from which it derives dividends.

The company booked P474 million equity in net earnings of its investees during the first 6 months compared to only P117 million in the same period last year.

The turnaround in unit First Philippine Holdings Corp.'s (FPHC) bottomline largely lifted Benpres' income. FPHC returned to a net profit of P896 million from a net loss of P230 million, owing to the increase in net income of power distribution arm Manila Electric Co. and lower foreign exchange losses.

Media unit ABS-CBN Broadcasting Corp., on the other hand, posted an 8% increase in net income to P813 million from P754 million, on higher airtime revenues and direct sales.

Skycable, which is now under ABS-CBN's wing, recorded a net loss of P20 million in the first 6 months of 2009, versus a net profit of P101 million in the same period last year, due to heavy investments in the rollout of its broadband business, and lower revenues.

Bayan Telecommunications trimmed its net loss by 66% to P542 million from P1.59 billion while Rockwell Land's net income was flat at P329 million.