LOPEZ Holdings Corp. on Monday said its net income for the first quarter rose almost a quarter, buoyed by the steady performance of units First Philippine Holdings Corp. (FPH) and ABS-CBN Corp.
In a disclosure to the Philippine Stock Exchange, the holding firm of the Lopez family said net income from January to March grew 24 percent to P1.35 billion from P1.085 billion a year earlier.
Unaudited consolidated revenue, however, decreased 11 percent year-on-year to P22.3 billion from P25.25 billion.
FPH posted a 26 percent increase in net profit to P2.7 billion from P1.66 billion a year earlier driven by higher margins from the sale of electricity and foreign exchange gains
during the period in review.
Meanwhile, higher advertising revenues jacked up broadcasting network ABS-CBN’s first-quarter net income by 34 percent to P761 million from P569 million previously.
Higher efficiencies also accounted for the gains with FPH costs and expenses falling by a
faster 16 percent following an 11 percent decline in revenues, while ABS-CBN’s expenses grew at a slower pace of 14 percent compared to an 18 percent rise in revenues.
As of end March, Lopez Holdings owned 46 percent of FPH and 56 percent economic interest in ABS-CBN.