LOPEZ Holdings Corp. generated P613 million in net attributable income to equity holders of the parent in the January-to-March period, down by 47% from the P1.16 billion earned in the same period last year due to the performance of its business units.
“Lower income generated by energy sector from FPH Group (First Philippine Holdings Corp.), higher foreign exchange losses and equity share in net losses from ABS-CBN [Corp.] through Lopez PDRs (Philippine depositary receipts) account for the decline,” the company said in a disclosure to the exchange on Tuesday.
In the first quarter, FPH saw a seven percent growth in net income attributable to P3.42 billion from P3.2 billion. However, its topline declined by five percent to P27.87 billion, with sale of electricity accounting for 83% of revenues from 84% in the same period in 2020.
Meanwhile, media giant ABS-CBN incurred a P1.95-billion loss in the first quarter, nearly twice its P763-million loss last year. Revenues fell by 55% to P3.92 billion from P8.64 billion.
The unaudited consolidated revenues of Lopez Holdings went down to P27.87 billion in the first three months, down by five percent year on year from P29.29 billion.
All of the company’s revenue items are said to be generated by FPH businesses.
Revenues from the sale of electricity were down by five percent to P23.26 billion, earnings from real estate improved by 12% to P2.31 billion, revenues from contracts and services declined by 16% to P1.85 billion, and sale of merchandise dropped by 18% to P454 million.
On Tuesday, Lopez Holdings shares at the exchange went down by one centavo to close at P3.29 each. — Keren Concepcion G. Valmonte
