Philippine Daily Inquirer



Conglomera­te Lopez Holdings grew net profit in the first nine months by 24 percent year-onyear to P3.91 billion as higher earnings from its energy unit made up for the slack in the media business.

Unaudited consolidat­ed revenues increased by 17 percent year-on-year to P91.2 billion, the conglomera­te reported.

Power generation arm First Philippine Holdings Corp. (FPH) was the main driver.

This unit saw a 54 percent year-on-year increase in net income, with higher revenues driven by electricit­y sales of First Gen Corp.’s natural gas plants.

Meanwhile, broadcasti­ng giant ABS-CBN Corp. registered a 35-percent decrease in nine- month net income. Revenues were flat for the period, as airtime sales went down by 3 percent, while total costs and expenses increased by 4 percent.

Airtime revenues accounted for 50 percent of ABS-CBN revenues, compared to 52 percent in the same nine-month period last year.

As of end-September, Lopez Holdings owned 47 percent of FPH and had a 56-percent economic interest in ABS-CBN.

Breaking down Lopez’ ninemonth consolidat­ed revenues, there were increases in the sale of electricit­y (+19 percent), real estate (+1 percent), contracts and services (+38 percent), and sale of merchandis­e (+3 percent), all on account of operating companies held by FPH.

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