Lopez firms post robust Q3 income growth

THREE Lopez- led companies on Tuesday reported a robust growth in thirdquarter net income despite declining gross revenues, with the reduction in cost and expenses driving the strong bottom line.

In their quarterly reports, Lopez Holdings Corp., First Philippine Holdings Corp. (FPH) and First Gen Corp. posted a significant growth in their net income attributable to the equity holders of the parent company.

Lopez Holdings posted P2.83 billion in net income, higher by 18% from P2.4 billion a year ago, while FPH’s earnings jumped to P5.21 billion, or nearly five times more than year ago’s P1.04 billion.

First Gen recorded a net income of $57.01 million, up 131.56% from $24.62 million in the previous year.

For the January-September period, Lopez Holdings registered a net income of P5.52 billion, up 27% from P4.36 billion a year ago with the company attributing the results to the “steady performance” of FPH and ABS-CBN Corp.

“FPH also reported one-off gains for the period,” the company said in a statement, identifying these non-recurring items in manufacturing and power generation. It also said “higher efficiencies sustained year-to-date gains.”

The higher income comes despite an 8% decrease in consolidated revenues to P65.73 billion from P71.1 billion, the holding firm said.

As of end- September, Lopez Holdings held 46% of FPH and 56% of the economic interest in ABS- CBN. The holding firm houses the Lopez family’s investments in major development sectors. It is the controlling stakeholder in the two subsidiaries. FPH’s net income attributable to equity holders of the parent rose by 137% while that of ABS- CBN increased by 50%. —