Conglomerate Lopez Holdings saw a 19-percent year-on-year drop in first quarter net profit to P1.04 billion on slower earnings from its power generation and media businesses.
The decline in net profit was mostly on account of foreign exchange losses during the period, the holding firm said in a press statement on Tuesday.
Consolidated revenues increased by 12 percent year-on-year to P25.42 billion from the same period last year.
Power-based investment holding firm First Philippine Holdings (FPH) booked a 6-percent drop in first quarter net profit while broadcasting arm ABS-CBN Corp. also booked a 59-percent drop in profit.
Unfavorable foreign exchange movement during the period partially offset the effect of growth in the recurring earnings of the FPH Group.
FPH reported a 12-percent year-on-year increase in revenues to P25.422 billion. Sale of electricity accounted for 84 percent of total business.
Foreign exchange losses of P169 million versus foreign exchange gains of P287 million in the comparative period reflected the effects of the weak peso on the foreign currency-denominated debt of FPH subsidiaries and associates. Excluding forex and other non-recurring items, attributable earnings increased by 12 percent.
On the other hand, ABS-CBN’s advertising revenues decreased by 13 percent while total costs and expenses increased by 3 percent. Ad revenues came from an extraordinarily high base in the first quarter of 2016 due to the run-up to the hotly contested presidential elections.
ABS-CBN registered a 59-percent drop in first quarter net income to P314 million. As of end-March, Lopez Holdings owned 46 percent of FPH and 56 percent of ABS-CBN. —DORIS DUMLAO-ABADILLA