Lopez group posts 6% profit growth

Conglomerate Lopez Holdings grew its net profit last year by 6 percent to P6.56 billion on higher earnings from its power generation and broadcasting businesses.

Apart from the steady performance of investees First Philippine Holdings Corp. (FPH) and ABS-CBN Corp., FPH also reported one-off gains for the period.

FPH reported an 84-percent increase in net income attributable to equity holders of the parent to P9.93 billion, boosted by arbitration settlement proceeds and collection of liquidated damages, among others.

On the other hand, ABS-CBN booked a 39-percent increase in net income to a record-setting P3.525 billion, boosted by election-related advertising revenues in 2016, during which the hotly contested presidential elections were held.

Overall, Lopez Holdings’ consolidated revenue decreased by 5 percent year-on-year to P91.91 billion, primarily due to the decline in the sale of electricity of FPH subsidiary First Gen Corp.

Lopez Holdings owned 46 percent of FPH and 56 percent of ABS-CBN as of the end of 2016.

As of yesterday’s closing, Lopez Holdings was valued by the stock market at P35.64 billion. —DORIS DUMLAO-ABADILLA