Lopez family-led First Philippine Holdings Corp. (FPH) reported a 22% decline in its attributable net income last year to P9.9 billion as revenues dropped due to the economic disruptions caused by the pandemic.

In a disclosure to the local bourse on Friday, the holdings firm said that its attributable net income last year reflected the 21% fall in its recurring net income to P9.4 billion.

FPH said the decline in recurring income was caused by weaker operating results of its energy, real estate, and construction and energy service segments, which mainly reflected the financial impact of the lockdown restrictions imposed by the government.

However, the firm said that its recurring income was “partly tempered by the net non-recurring gains largely caused by the proceeds from insurance claims, the Feed-in-Tariff rate escalation adjustments, and favorable foreign exchange movements during the year.”

FPH added that these gains were “partially offset by pandemic-related expenses” incurred by the group.

It said total revenues slipped 20% or P26.3 billion to P107.3 billion last year.

“The decline was largely caused by the economic disruptions of the COVID-19 pandemic that brought about lower sales of electricity caused by lower demand and spot market prices; lower commercial leasing and geothermal well drilling revenues; and lower volume of electrical transformer sales,” FPH said in its regulatory filing.

On Tuesday, FPH announced that it had bought some 712.2 million common shares or 15.68% of Lopez Holdings Corp.’s total issued and outstanding common shares via a block sale at the exchange on March 18.

Lopez Holdings is the holding firm for the Lopez family’s investments in broadcasting and cable, telecommunications, power generation and distribution, and banking.

FPH’s major business segments are in power generation, real estate development, manufacturing, and construction and other services. Its other activities include construction, geothermal well drilling, and oil transporting, among others. Shares of FPH in the local bourse improved 0.86% or 60 centavos to close at P70.60 apiece on Friday. — Angelica Y. Yang