Conglomerate Lopez Holdings reversed in the second quarter the net loss it incurred in the same period last year at the peak of pandemic-induced restrictions that choked businesses.
Lopez delivered a second quarter net profit of P440 million, a turnaround from the net loss of P881 million seen last year.
Compared to the first quarter’s net profit of P613 million, however, earnings declined as tighter lockdown protocols had been reimposed in Metro Manila and adjacent provinces in April.
The second quarter performance brought the group’s six-month net income to P1.05 billion, 283-percent better than the low base seen last year. Higher income generated by the business units of First Philippine Holdings Corporation (FPH) offset equity share in net losses of investee ABS-CBN Corp.
Consolidated revenues in the first six months increased by 12 percent year-on-year to P60.489 billion from P53.880 billion.
FPH’s power businesses grew revenues by 7 percent while real estate revenues rebounded by 124 percent. Revenues from construction contracts and services as well as sale of merchandise likewise rose by 13 percent and 37 percent year-on-year, respectively.
FPH, for its part, posted a 16-percent year-on-year increase in six-month net income to P5.84, while revenues expanded by 12 percent to P60.5 billion during the period. This was seen in line with economic recovery as quarantine restrictions eased during the period.
Sale of electricity accounted for 84 percent of six-month revenues, lower than the 88-percent share a year ago.
Beleaguered media arm ABS-CBN registered a net loss of P3.39 billion in the first half, down by 14 percent year-on-year. First semester revenues slid by 39 percent to P8.142 billion as the cessation of broadcast operations on May 5, 2020 ended the inflow of advertising revenues.