Lopez Holdings Corp. (LPZ) posted P4.36 billion in net income attributable to equity holders as of end-September, up by 38 percent year-on-year as the firm recovered from impairment losses incurred by Bayan Telecommunications (Bayan).
The 9-month earnings result compares to the P3.15 billion recorded in the same period last year, Lopez Holdings said in a statement on Monday.
Bayan was acquired by Globe Telecom (Globe) on July 21 via a debt to equity scheme valued at P1.83 billion. This followed the conversion into equity of Bayan debt under an August 27, 2013 resolution issued by rehabilitation court.
The LPZ board approved the transaction on July 9 and in the same month recorded a partial recovery of impairment losses amounting to P1.5 billion net of related expenses.
The remaining balance of P183 million was received on November 6 after the deal was cleared by the Bureau of Internal Revenue and the shares transferred to Globe.
LPZ also said that its unaudited consolidated revenues for the period were down 4 percent to P75.526 billion from a year earlier.
LPZ, formerly Benpres Holdings Corporation, was incorporated in 1993 by the Lopez family to serve as the holding company for investments in multimedia communications, including broadcast, cable and telecom, and power generation, especially in the development of clean, indigenous and/or renewable energy sources.
It is the controlling shareholder of publicly listed ABS-CBN Corp. and First Philippine Holdings Corp.