Conglomerate Lopez Holdings chalked up a net profit of P4.22 billion last year, down by 36 percent in the absence of one-off gains and election season-related surge in media advertising revenues that jacked up earnings in 2016.
Energy unit First Philippine Holdings (FPH) booked a 41-percent decrease in net income to P5.85 billion. FPH reported non-recurring income in 2016 pertaining to the arbitration settlement received by First Philec and the liquidated damages collected by First Gen Corp. for its San Gabriel power plant.
Broadcasting arm ABS-CBN, on the other hand, reported a 10-percent drop in net income to P3.16 billion in the absence of election-related advertising revenues. To recall, ABS-CBN generated more revenues in 2016 from political advertising on top of improved revenues from its Pay TV and new business initiatives.