Lopez Holdings Q1 profit up 25%

Conglomerate Lopez Holdings grew its first-quarter net profit by 25 percent year-on-year to P1.09 billion due to higher earnings from businesses under power generation holding firm First Philippine Holdings Corp. (FPH).

Unaudited consolidated revenues increased by 10 percent year-on-year to P25.94 billion during the quarter.

This was driven by the increased sales of electricity (+9 percent), real estate (+20 percent) and sale of merchandise (+113 percent) generated from operating companies held by FPH.

Media arm ABS-CBN Corp. grew its first quarter net income by 6 percent year-on-year to P569 million.

The continued strength of the television and studio business of media arm ABS-CBN Corp. was thus reflected in the 6-percent increase in equity in net earnings of associates, Philippine depositary receipts (PDRs) and joint venture.

ABS-CBN reported unaudited net revenues of P8.391 billion, 2 percent year-on-year, with advertising revenues accounting for 51 percent.

As of end-March 31, Lopez held a 56-percent economic interest in ABS-CBN and 46 percent in FPH.