Lopez Holdings posts 62% income drop

Listed holding firm Lopez Holdings saw a 62-percent decline in its nine-month profit, earning only P2.4 billion attributable to equity holders of the parent from the P6.2 billion it recorded in the same period last year.

This, according to the firm, was primarily from the absence of one-off gains during the period, noting that First Philippine Holdings Corp. (FPH) sold a 2.66-percent stake, or 30 million shares in Manila Electric Co. in January 2012 and recorded a gain following the listing of Rockwell Land Corp. in May 2012.