Lopez nets P1.14B | Inquirer Business
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Lopez nets P1.14B

/ 09:21 AM May 14, 2018

Conglomerate Lopez Holdings booked a 10-percent year-on-year increase in first quarter net profit to P1.14 billion, backed by a double-digit growth in earnings from its power generation and broadcasting businesses.

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Lopez Holdings’ unaudited consolidated revenues increased by 8 percent year-on-year to P27.56 billion.

The power generation business under First Philippine Holdings (FPH) grew first quarter net profit by 10 percent year-on-year while ABS-CBN Corp. registered a 31-percent increase in net income during the period.

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“Unfavorable forex (foreign exchange) movement during the period partially offset the effect of growth in the recurring earnings of the FPH group,” the company said in a statement.

Excluding non-recurring items, attributable earnings of FPH increased by 36 percent.

On the other hand, ABS-CBN’s advertising sales decreased by 10 percent while costs and expenses decreased by 4 percent.

As of end-March, Lopez Holdings owned 46 percent of FPH and had a 56 percent economic interest in ABS-CBN.

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