Lopez Holdings 2016 profit rises 6% to P6.5B

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LISTED Lopez Holdings Corp. on Tuesday said its net income in 2016 rose 6 percent to P6.5 billion from the P6.2 billion recorded in 2015, buoyed by the steady performance of units First Philippine Holdings Corp. and ABS-CBN Corp.

In a disclosure to the Philippine Stock Exchange (PSE), Lopez Holdings said its subsidiary First Holdings recorded an 84-percent increase in net income attributed to stockholders of the parent to P9.9 billion, boosted by arbitration settlement proceeds and collection of liquidated damages, among others.

ABS-CBN, meanwhile, reported a 39-percent increase in net income to P3.52 billion, fuelled by election-related advertising revenues.

The company’s consolidated revenues, however, decreased by 5 percent year-on-year to P91.9 billion primarily due to lower electricity sales by First Holdings subsidiary First Gen Corp.

As of end-2016, Lopez Holdings owned 46 percent of First Holdings and held a 56-percent economic interest in ABS-CBN.

Lopez Holdings, formerly Benpres Holdings Corp., was incorporated in 1993 by the Lopez family to serve the holding company for its investments in multimedia communications, including broadcast, cable and telecom, and power generation, specifically in the development of clean and renewable energy sources.

Its subsidiary ABS-CBN focuses on a digital convergence strategy in cooperation with affiliate Sky Cable Corp.; while First Holdings, the parent company of clean and renewable energy firm First Gen, controls geothermal energy pioneer Energy Development Corp.

First Holdings also owns construction firm First Balfour, Inc.; pipeline operator First Philippine Industrial Corp.; property firm Rockwell Land Corp.; investment community First Philippine Industrial Park; and First Philec Corp., the intermediary holding company for investments in manufacturing, among others.

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