|
By Likha C. Cuevas-Miel, Reporter
BENPRES Holdings Corp. told the Philippine Stock
Exchange that its profit last year grew on the back of higher
revenues derived from its investments from subsidiaries and asset
sales.
In its annual report, the holding company of the
Lopez group showed that its net income improved by 26 percent to
P5.928 billion year on year.
The company’s consolidated revenues were 26
percent to P17.020 billion higher than the previous year and the
“financial performance of the investees was within
expectations,” the report read.
Last year, Benpres received P1.266 billion in
dividends from ABS-CBN Corp., First Philippine Holdings Corp., First
Philippine Infrastructure Development Corp. and Rockwell Land Corp.
It also collected P104 million from the sale of shares in Digitel.
For the 12-month period, ABS-CBN’s airtime
revenues grew by 28 percent to P13.605 billion after an increase in
advertising rates and growth in ad minutes. This allowed the network
to post a revenue growth of 17 percent to P19.891 billion, causing
net income to surge 71 percent to P1.27 billion year on year.
First Holdings suffered a 5-percent decline in
revenues to P60.5 billion while its earnings attributable to equity
holders of the parent were 49 percent lower year on year at P4.5
billion. This drop was due to one-time transactions that boosted its
2006 profits, of which include the gain on dilution of P2.7 billion
from First Gen Corp.’s maiden share offering.
Manila North Tollways Corp.’s revenues dropped
by 3.9 percent to P5.483 billion due to toll rates reduction but
profits climbed by 12.3 percent to P1.904 billion. This was due to
unrealized foreign exchange gains while the strong peso compensated
for higher operating expenses.
Bayan Telecommunications Corp. posted a
15-percent growth in revenues that reached P4.8 billion year on
year, allowing its net income to jump by 319 percent to P2.2 billion
with the help of a stronger local currency against the dollar.
After several years of losses, Sky Cable was in
the black last year with a profit of P122.6 million as consolidated
earnings before taxes grew by 18.6 percent to P890 million. This was
boosted by the 7-percent increase in subscription revenues despite
the 4-percent hike in expenses.
Revenues of Rockwell Land climbed by 20 percent
to P3.4 billion due to higher condominium sales, which comprise 80
percent of the total.
At-end December, Benpres’ assets slipped by 3
percent to P14.357 billion as current assets dropped by 30.6 percent
to P974 million after paying goodwill interest and partial purchase
of debt last year. Other current assets ballooned by 16 times to
P1.561 billion as non-current investments that are available for
sale were reclassified as current assets.
|
