Lopez Holdings earns 20% more in nine months

Lopez Holdings Corp., the holding company of the Lopez group, registered a 20 percent improvement in net income in the first nine months to P3.9 billion, mainly driven by contributions from its energy business.

In a disclosure to the Philippine Stock Exchange yesterday, Lopez Holdings attributed the increase in earnings to better financial results under associate First Philippine Holdings Corp. (FPH).

FPH reported a 54 percent jump in net income, with higher revenues driven by electricity, sales of natural gas plants under First Gen Corp.

Recurring net income increased by 37 percent due to stronger operating profits from ail business segments.

Meanwhile, ABS-CBN Corp. registered a 35 percent decrease in net income as revenues were flat. Airtime sales were down three percent, while total costs and expenses increased by four percent.

As of Sept. 30, Lopez Holdings owned 47 percent of FPH and 56 percent of ABS-CBN.