LISTED Lopez Holdings, Inc. said net income for the first quarter of 2017 fell 19 percent to P1.042 billion from P1.291 billion in the same period last year due to the impact of foreign exchange losses.
Similarly, its unit First Philippine Holdings Corp. (FPH) reported a 6 percent decline in net income attributable to equity holders of the parent.
“Unfavorable forex movement during the period partially offset the effect of growth in the recurring earnings of the FPH group,” the company said in a disclosure to the Philippine Stock Exchange (PSE) on Tuesday.
Excluding the impact of forex and other non-recurring items, attributable earnings of FPH increased by 12 percent, the company said.
Its other subsidiary, ABS-CBN Corp., saw ad revenues decrease by 13 percent while total costs and expenses increased by 3 percent.
As of end-March, Lopez Holdings owned 46 percent of FPH and held a 56 percent economic interest in ABS-CBN.
Lopez Holdings, formerly Benpres Holdings Corp., was incorporated in 1993 by the Lopez family to serve as the holdings company for its investments in major development sectors.