LOPEZ Holdings Corp. reported a first-quarter net income of P2.291 billion, or more than double its profit attributable to equity holders of the parent firm a year ago of P1.104 billion, with its energy group contributing to its performance during the period.
In a disclosure to the stock exchange, it attributed the quarterly growth primarily to the better financial results of its energy business under associate First Philippine Holdings Corp. (FPH), lower foreign exchange losses, as well as the better earnings of ABS-CBN Corp.
The listed holding firm, which houses the Lopez family investments in major development sectors, reported an unaudited consolidated revenues of P32.77 billion, up 18.9% from P27.565 billion a year ago.
FPH recorded an 87% rise in net income attributable to equity holders of the parent while ABS-CBN posted a 120% rise in net income.
Foreign exchange losses on the FPH group’s consolidated foreign currency-denominated debt dropped to P5 million for the January to March period, from P881 million a year ago. ABS-CBN registered a 22% increase in advertising revenues.
Lopez Holdings owns 49% of FPH and has a 56% economic interest in ABS-CBN as of March 31, 2019.
FPH is the parent company of clean and renewable energy firm First Gen Corp., which in turn controls geothermal energy pioneer Energy Development Corp.
On Wednesday, shares in Lopez Holdings rose 0.23% to close at P4.34 each. — Victor V. Saulon