Power and media conglomerate Lopez Holdings grew its 2018 net profit by 39 percent to P5.89 billion on strong earnings contribution from its energy holding firm.
Investee firm First Philippine Holdings Corp. (FPH) reported a 76-percent growth in full-year net profit to P10.28 billion, making up for the 40-percent drop in the profit of ABS-CBN to P1.91 billion.
Lopez’s consolidated revenue rose by 20 percent to P125.39 billion, attributed to the strong operating results of FPH’s energy, real estate, construction and manufacturing businesses.
Excluding extraordinary items, FPH’s recurring net income rose by 53 percent to P10.4 billion last year.
Aside from higher revenues and operating margins, FPH benefited from lower financing cost. It also booked lower nonrecurring losses during the period. —DORIS DUMLAO-ABADILLA