Lopez Holdings income down 34% in H1

Conglomerate Lopez Holdings saw a 34-percent year-on-year decline in first semester net profit to P1.76 billion on one-off items booked by its power generation unit alongside slower earnings from its broadcasting business.

The decline in earnings was primarily attributed to one-off losses and the absence of one-off gains at its associate, First Philippine Holdings Corp. (FPH).

Meanwhile, unaudited consolidated revenues increased by 17 percent year-on-year to P51.48 billion on higher earnings from the sale of electricity, real estate and sale of merchandise.

However, consolidated costs and expenses grew at a faster pace of 19 percent to P38.157 billion, mainly due to increases in the cost of sale of electricity, real estate and merchandise sold.

Six-month net profit of FPH fell by 28 percent year-on-year to P2.51 billion, on a one-off loss totaling P1 billion related to the debt retirement of its operating units.