Lopez Holdings Q1 net profit hits P2.29B

Conglomerate Lopez Holdings posted a 108-percent year-on-year growth in first quarter net profit to P2.29 billion on higher earnings from its power and broadcasting businesses alongside lower foreign exchange losses.

Unaudited consolidated revenues increased by 19 percent year-on-year to P32.77 billion during the first three months, Lopez disclosed to the Philippine Stock Exchange on Wednesday.

Power generation holding firm First Philippine Holdings saw an 87-percent year-on-year increase in net income attributable to equity holders of the parent amounting to P3.76 billion, while media arm ABS-CBN Corp. registered a 120-percent increase in net income to P808 million during the period.

Foreign exchange losses on FPH group’s consolidated foreign currency-denominated debt shrank to P5 million compared to a loss of P881 million during the comparative period.

Amid the run-up to the midterm elections, ABS-CBN recorded a 22-percent increase in advertising revenues.

The increase in group-wide revenues was due to a 20-percent year-on-year gain in the sale of electricity to P28.03 billion while earnings from contracts and services rose by 45 percent to P1.9 billion.

On the other hand, sale of merchandise decreased by 4 percent while real estate revenues were flat. —DORIS DUMLAO-ABADILLA