Lopez Holdings Inc. on Friday said its earnings soared by two-thirds last year after it was able to partially recover from the losses incurred by former telecommunications arm, Bayantel.
In a disclosure to the Philippine Stock Exchange on Friday, the holding firm of the Lopez family said net income attributable to equity holders soared by 65 percent to P6.19 billion versus P3.76 billion a year earlier.
Consolidated revenues were up 3 percent to P96.510 billion from P99.191 billion in the same comparable period.
Lopez Holdings and Bayan Telecommunications Holdings Corp. liquidated the entire equity holdings in Bayantel to Globe Telecom Inc. last year.
“The stellar performance of major investees First Philippine Holdings Corporation [FPH] and ABS-CBN Corp. contributed to the favorable financial results,” the company said.
FPH reported a recurring net income – derived from its main business – of P5.2 billion, up around 11 percent from P4.7 billion, mainly from of its power generation, manufacturing, and geothermal well drilling businesses.
ABS-CBN reported a 25 percent increase in net income to P2.54 billion, boosted mainly by steadily growing revenue streams from both advertising and consumer sales.
Lopez Holdings has a 56 percent economic interest in ABS-CBN and 46 percent in FPH.