Lopez Holdings' 9-month profit surges 76% to P6.1B
MANILA, Philippines (CORRECTED) - Lopez Holdings Corporation on Thursday reported its net income surged 76% to P6.185 billion for the first 9 months.
In a disclosure to the stock exchange, Lopez Holdings said its net income attributable to equity holders of the parent for the January to September period was 76% higher than the P3.513 million during the same period last year.
The higher profits were attributed to the 16 times increase in equity in net earnings of associates to P5.307 billion this year, after First Philippine Holdings Corp. (FPH) sold a 2.66% stake in Meralco last January.
Lopez Holdings' unaudited consolidated revenues jumped 13% to P24.017 billion in the January to September period from P21.229 billion a year ago.
FPH reported attributable net income of P11.622 billion in the first nine months of 2012, 17 times higher than the P637 million a year ago.
FPH saw a P6.084 billion gain from sale of its 2.66% stake in Meralco and the assignment of Rockwell Land shares from Beacon Electric to the FPH group during the period.
The company's revenues grew by 14% to P59.308 billion from P52.010 billion, after First Gen Corporation reported higher contributions from its geothermal energy investments.
ABS-CBN nets P1.55 billion
Media conglomerate ABS-CBN Corp. posted stable figures in the 9-month period, after implementing higher advertising rates starting February 2012.
ABS-CBN said its 9-month net income stood at P1.555 billion, down 31% from P2.24 billion a year ago. However, last year's income included a one-time gain from the sale of SkyCable PDRs. Excluding the effect of the one-time gain, ABS-CBN's net income would have been up 10% from last year.
ABS-CBN's consolidated revenues improved by 13% year-on-year to P24.017 billion. Advertising revenues, which accounted for 60% of revenues, rose 8% to P14.46 billion as the network continued to dominate ratings and saw higher revenues from its sports division and cable channels.
Consumer sales, which accounted for 40% of revenues, jumped 21% to P9.52 billion on the back of SkyCable's growth.
As of December 31, 2011, Lopez Holdings held a 60.3% economic interest in ABS-CBN, 46.6% in FPH, and 47.3% of Bayan Telecommunications Holdings Corp., which owns 97% of Bayan.
ABS-CBNnews.com is the news website of ABS-CBN Corp.