LISTED holding firm Lopez Holdings Corporation posted a 47.9 percent rise in net income after tax in the first nine months of the year, driven by the steady performance of its subsidiaries.
In a financial report to the Philippine Stock Exchange on Tuesday, the company said net income after tax rose to P16.7 billion from P11.3 billion in the previous year.
It said net income attributable to equity holders of the parent rose 27 percent in the first nine months to P5.5 billion from P4.4 billion in the previous year.
“The steady performance of Investees First Philippine Holdings Corporation (FPH) and ABS-CBN Corporation accounted for these results,” Lopez Holdings said.
As of end-September 2016, Lopez Holdings owns 46 percent of FPH and holds a 56 percent economic interest in ABS-CBN
However, Lopez Holdings said consolidated revenues declined by 8 percent to P65.61 billion from P71.1 billion a year ago due to a 12 percent decrease in electricity sales at subsidiary First Gen Corporation.
It said electricity sales during the period fell 12.3 percent to P55.12 billion from the P62.84 billion, while merchandise sales also declined by 8 percent to P1.4 billion.
In contrast, real estate sales from its property development arm climbed 51 percent to P5.87 billion from P3.89 billion a year ago, while revenue from contracts and services grew 14 percent to P3.2 billion from the P1.56 billion in 2015.