Lopez Holdings profits fall 48% on higher ABS-CBN loss

Lopez Holdings Corporation reported a 48 percent drop in attributable net income to P2.85 billion last year from the P5.44 billion earned in 2022 due to its equity share in the 2023 net loss of investee ABS-CBN Corporation.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues decreased by 3 percent year-on-year (YOY) to P164.95 billion from P170.34 billion in 2022.

It noted that all revenue items came from First Philippine Holdings Corporation’s (FPH) group performance as follows: sale of electricity (down 4percent); real estate (up 5 percent), contracts and services (up 4 percent), and sale of merchandise (up 1 percent).

Consolidated costs and expenses decreased by six percent to P131.31 billion from P139.18 billion, all reflecting primarily FPH accounts: costs of sale of electricity (down 9 percent); real estate (up 3 percent), contracts and services (up 11 percent), merchandise sold (up 2 percent), and general and administrative expenses (up 3 percent).

Share in net loss of investment accounted for at equity method (higher by 448 percent) in the amount of P5.13 billion represents largely the performance of ABS-CBN, as well as share in the performance of FPH units.

Veritas survey shows ‘People’s Initiative’ support for ABS-CBN franchise renewal

ABS-CBN provided for impairment losses on its various assets, goodwill, program rights and other intangible assets of P9.13 billion.

FPH reported a 19 percent increase in attributable net income to P15.066 billion from P12.68 billion in 2022. Recurring net income attributable (RNI) to FPH was at P13.8 billion, 8 percent higher than P12.78 billion the previous year.

Its year-on-year consolidated revenues were lower by 3 percent at P164.95 billion from P170.34 billion.