POWER and media-based conglomerate Lopez Holdings grew six-month net profit by 8 percent year-on-year to P1.95 billion, driven by the strong performance of broadcasting arm ABS-CBN Corp.
In a press statement on Monday, Lopez said consolidated revenues in the first half were modestly up by 1 percent year-on-year to P49.255 billion.
“The favorable results were primarily due to the stellar performance of ABS-CBN Corp., following its continued dominance in nationwide TV ratings in first half of 2015, as well as the commercial launch of its digital terrestrial television initiative, ABS-CBN TV Plus, in February 2015,” the company said.
In July 2015, Ayala-led Globe Telecom agreed to purchase from Bayan Telecommunications Holdings Corp. and Lopez Holdings all equity they held in Bayan Telecommunications Inc. (Bayantel) valued at around P1.83 billion. The effect of this transaction will be reflected in the interim financial statements covering the third quarter of this year, the holding firm said.
As of end-June, Lopez Holdings held a 56 percent economic interest in ABS-CBN and 46 percent stake in power-based First Philippine Holdings.