LOPEZ Holdings Corp. said net profit rose 39% to P5.89 billion after a strong performance from its unit First Philippine Holdings Corp., the firm told the stock exchange on Friday.

“The financial performance of its investees, First Philippine Holdings Corp. and ABS-CBN Corp., accounted for said result,” it said in a disclosure.

First Philippine Holdings (FPH) posted a 76% rise in net income attributable to equity holders of the parent to P10.28 billion. In contrast, ABS-CBN recorded a 40% decrease in net income to P1.91 billion.

Consolidated revenue rose 20% to P125.39 billion, “reflecting the strong operating results of the FPH Group’s energy, real estate, construction, and manufacturing businesses,” Lopez Holdings said.

Recurring net income of FPH was P10.4 billion, up 53% from a year earlier.

At the end of 2018, Lopez Holdings owned 47.8% of FPH and had a 56.6% economic interest in ABS-CBN, making it the controlling shareholders of the two firms.

On Friday, Lopez Holdings rose 0.96% to close at P5.25.

FPH, which was formed in 1961 with the primary purpose of purchasing and acquiring shares of stock, bonds, and notes of Manila Electric Co., has grown into a multi-billion company with diversified interests in power generation, real estate development, manufacturing, construction and other services.

Under its amended articles of incorporation, its principal activities consist of investments in real and personal properties including, but not limited to, shares of stock, notes, securities and entities in the power generation, real estate development, manufacturing and construction services and others.

In power generation, First Gen Corp. posted a 65% increase in 2018 net income attributable to the company’s equity holders to $221 million, or P11.6 billion, with an added boost from its new gas-fired power plant plus other factors such as lower interest expense. — Victor V. Saulon