Lopez Holdings sees hefty fall in first-half profit

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Listed group Lopez Holdings Corp. saw a hefty fall of more than 70 percent in its first-half profit amid absence of one-off gains.

In a statement, Lopez reported P1.4 billion in its net income attributable to equity holders of the parent for the first six months of 2013, which is 74 percent lower than the P5.5 billion it earned during the same period in 2012.

This, according to the company, was primarily due to the absence of one-off gains.

Last year, First Philippine Holdings Corp. (FPH) sold a 2.66-percent stake, or 30 million shares, in Meralco and recorded a gain on business combination following the listing of Rockwell Land Corp. in May 2012, hence the increase in net income for the same period in 2012.

The unaudited consolidated revenues of the company also went down during the first half of this year, registering a 10-percent year-on-year decrease to P45.3 billion from P50.5 billion, which resulted from the 9-percent decrease in the sale of electricity and the 79-percent drop in sale of merchandise.

“Sale of electricity was down because of lower gas prices and lower dispatch by the gas plants under publicly listed First Gen Corp. This was also reduced by the lower sale of electricity of FG Hydro given lower ancillary and electricity sales volume. FG Hydro is under publicly listed Energy Development Corp. [EDC],” the group specified.

“Sale of merchandise fell as First Philec Solar Corp. [FPSC] reduced production in the face of weak market conditions for solar wafers coupled with ongoing disputes with its joint venture partner/customers,” it further said.

FPH, one of the company’s business units, posted an 82-percent decrease in net income attributable to equity holders of the parent to P1.9 billion in the first half of 2013, from P10.4 billion in the first half of 2012. Its revenues were down by 10 percent year-on-year to P45.3 billion from P50.5 billion on lower electricity and merchandise sales.

ABS-CBN, on the other hand, registered a 44-percent increase in net income attributable to equity holders of parent for the first half of 2013 to P1.3 billion from P927 million in the first half of 2012. Consolidated revenues increased by 23 percent to P17.061 billion from P13.8 billion.

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