LOPEZ Holdings Corp. on Thursday reported a 43 percent decline in net income attributable to equity holders of the parent for the first nine months of this year due to one-off losses and the absence of one-off gains at an associate.
It said net income attributable to equity holders of the parent fell to P3.17 billion from P5.59 billion a year ago.
Consolidated revenues, on the other hand, jumped 19 percent year-on-year to P77.944 billion.
The company told the Philippine Stock Exchange that the absence of one-off gains at its associate, First Philippine Holdings Corp. (FPH), weighed on nine-month earnings.
FPH, which is 46 percent owned by Lopez Holdings, saw its net income attributable to equity holders of the parent drop 49 percent from the previous year.
“FPH booked one-off losses related to debt prepayments of consolidated units FGPC (First Gas Power Corporation) and EDC (Energy Development Corporation),” the company said.
In the same period last year, FPH had recorded one-off gains from liquidated damages and arbitration settlement proceeds.
“The one-off losses, absence of one-off gains and unfavorable forex movement led to the lower income,” Lopez Holdings added.
FPH’s consolidated net income, excluding non-recurring items, went up by 5 percent on the higher operating profits of its real estate and manufacturing segments.
ABS-CBN, on the other hand, saw net income fall 20 percent in the nine months as airtime revenues fell 16 percent while costs and expenses decreased 2 percent.
Lopez Holdings has a 56 percent economic interest in the media network.
Incorporated in 1993 as Benpres Holdings Corp., Lopez Holdings was established by the Lopez family to serve as the holding company for their investments in major development sectors.