Conglomerate Lopez Holdings grew net profit in the first nine months by 24 percent year-on-year to P3.91 billion as higher earnings from its energy unit made up for the slack in the media business.
Unaudited consolidated revenues increased by 17 percent year-on-year to P91.2 billion, the conglomerate reported.
Power generation arm First Philippine Holdings Corp. (FPH) was the main driver.
This unit saw a 54 percent year-on-year increase in net income, with higher revenues driven by electricity sales of First Gen Corp.’s natural gas plants.
Meanwhile, broadcasting giant ABS-CBN Corp. registered a 35-percent decrease in nine-month net income. Revenues were flat for the period, as airtime sales went down by 3 percent, while total costs and expenses increased by 4 percent.
Airtime revenues accounted for 50 percent of ABS-CBN revenues, compared to 52 percent in the same nine-month period last year.
As of end-September, Lopez Holdings owned 47 percent of FPH and had a 56-percent economic interest in ABS-CBN.
Breaking down Lopez’ nine-month consolidated revenues, there were increases in the sale of electricity (+19 percent), real estate (+1 percent), contracts and services (+38 percent), and sale of merchandise (+3 percent), all on account of operating companies held by FPH. —DORIS DUMLAO-ABADILLA