The absence of one-time gains that inflated profits in 2016 dragged earnings of Lopez Holdings, Inc. last year.
In a disclosure to the stock exchange on Tuesday, April 17, the holding firm of the Lopez family said net income attributable to equity holders reached P4.225 billion last year, down 36% from the P6.557 billion reported in 2016.
Weighing on profitability was the lack of extraordinary items booked by First Philippine Holdings Corp. (FPH) in 2016 from the arbitration settlement received by First Philec, Inc. and the liquidated damages collected by First Gen Corp. for its San Gabriel power plant.
Also, ABS-CBN Corp. generated more revenues in 2016 from political ads on top of improved revenues from its Pay-TV and new business initiatives. — Krista Angela M. Montealegre