Lopez Holdings nets P1.35B

CONGLOMERATE Lopez Holdings posted a 24 percent year-on-year growth in first quarter net profit to P1.35 billion, driven by a double-digit expansion in its power generation and media businesses.

First Philippine Holdings Corp. (FPH) reported a 26 percent year-on-year increase in net income attributable to equity holders of the parent while ABS-CBN Corp. registered a 34 percent growth in net income during the period.

Higher efficiencies accounted for the gains with FPH costs and expenses falling by a faster 16 percent following an 11 percent decline in revenues, the group said. Similarly, ABS-CBN’s expenses grew at a slower pace of 14 percent compared to an 18 percent rise in revenues.

Lopez Holdings owned 46 percent of FPH and held a 56 percent economic interest in ABS-CBN.