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.

Unaudited consolidated revenues of the company also decreased by 10 percent year-on-year to P67.9 billion from P75.7 billion, as FPH registered declines in the sale of electricity and merchandise.

As of September 30, 2013, Lopez Holdings held a 56.6-percent economic interest in ABS-CBN Broadcasting Corp. and 46.2 percent in FPH.

FPH is the controlling shareholder of publicly listed First Gen Corp., the country’s leading clean and renewable energy producer, with power plants that use geothermal, hydro and natural gas for fuel.

During the nine-month period, First Gen reported net income attributable to equity holders of the parent of $118.2 million, a 21.3-percent decrease from the $150.1 million it registered in the same period of 2012.

In a disclosure to the Philippine Stock Exchange, First Gen explained that the reduction in its income mainly resulted from the lower income booked by First Gen Hydro Power Corp. (FG Hydro) because of reduced sales from ancillary services.

On a recurring basis, net income attributable to the parent of the company was at $134.5 million, lower by 4.7 percent year-on-year, due to the lower recurring income contribution of FG Hydro and FGP Corp.

First Gen’s consolidated revenues also fell by 9.8 percent to $1.4 billion for the first nine months of 2013 from the $1.6 billion it recorded in the same period last year.


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