Lopez Holdings grew its net profit in the first nine months by 27 percent year-on-year to P5.52 billion on higher earnings from its power and media businesses.
The nine-month results were attributed to the steady performance of First Philippine Holdings Corp. (FPH) and ABS-CBN Corp. FPH also reported one-off gains for the period.
FPH posted a 137-percent increase in nine-month net income attributable to equity holders of the parent firm. In addition to one-off gains recorded by FPH units in manufacturing and in power generation, year-to-date gains were attributed to higher efficiencies.
Despite the 8-percent year-on-year decline in FPH’s revenues, costs and expenses fell by a faster 12 percent.
Meanwhile, ABS-CBN registered a 50-percent increase in net income during the period, benefiting from political advertising spending in the run-up to the May presidential elections. ABS-CBN’s expenses grew at a slower 8 percent compared to a 12-percent rise in revenues.
As of end-September, Lopez Holdings owned 46 percent of FPH and 56 percent of ABS-CBN.
Lopez Holdings was incorporated in 1993 by the Lopez family to serve as the holding company for investments in major development sectors.