Power business drives Lopez Holdings income
STRONG results from its energy business led to double- digit profit growth for Lopez Holdings Corp. in the first nine months of the year, the holding firm said on Thursday.
In a disclosure, the conglomerate reported P3.911 billion in net income attributable to shareholders for the January-September period, up 24 percent from a year earlier, which it attributed to “better financial results of the energy group under associate First Philippine Holdings Corp. (FPHC)”.
Unaudited consolidated revenues were 17 percent higher at P91.188 billion.
FPHC was said to have posted a 54-percent increase in profits attributable to shareholders, with revenues driven by electricity sales by First Gen Corp. that separately reported consolidated net income of $215.5 million
only delivered P10.35 billion in revenues, down 16.5 percent, while the airport business jumped 26 percent to P2.18 billion. Megawide traded flat on Thursday, closing at P17.60 apiece. (P11.4 billion) on Thursday.
Lopez Holdings subsidiary ABS-CBN Corp., meanwhile, saw its net income fall by 34.7 percent to P1.48 billion due to higher expenses and lower advertising revenue.
The media company’s consolidated revenues decreased P22 million to P29.5 billion, weighed down by the weak advertising revenue that dropped 2.8 percent to P14.87 billion from a year earlier.
Formerly known as Benpres Holdings and incorporated in 1993, Lopez Holdings was established by the Lopez family to serve as the holding company for their investments in major development sectors.
Lopez Holdings shares rose by six centavos to close at P3.85 each on Thursday, surpassing a 0.43-percent gain for the Philippine Stock Exchange index.
charges. In a disclosure on Thursday, the firm said revenue dropped 3.7 percent to P5.029 billion because of the realignment of some of its diesel markets. Alsons Chief Finance Officer Robert Yenko, however, said the firm remained optimistic about future growth aspects. Shares of Alsons fell by four centavos to finish at P1.23 each on Thursday.