LOPEZ Holdings Inc. saw an 8.8-percent decline in net income in the first six months of the year despite higher revenues.
In a report, the listed conglomerate of the Lopez family showed an 8.8-percent fall in first-half net income to P7.2 billion from P7.9 billion a year earlier. Net income attributable to equity holders rose 8 percent to P1.953 billion from P1.815 billion due to an improvement in the performance of broadcast network ABS-CBN Corp.
Consolidated revenues increased by 1.2 percent to P49.2 billion from P48.57 billion.
In January to June, a key performance indictor that has the most direct impact on its earnings is the net income from investments, saying “the financial performance of investees was within expectations.”
As of end-June, the company has a 56-percent interest in ABS-CBN and 46 percent in First Philippine Holdings Corp.
Earlier, the Ayala-led Globe Telecom Inc. has purchased over 41 percent of Bayan Telecommunications Inc. (BayanTel) from Bayan Telecommunications Holdings Corp. and Lopez Holdings. The transaction will be reflected in the financial results of Lopez Holdings in the third quarter of 2015.