LOPEZ Holdings Corp. said net income attributable to equity holders of the parent dropped 34 percent to P1.76 billion in the first half of the year from last year’s P2.67 billion due to one-off losses and the absence of one-off gains at its associate.
Unaudited consolidated revenues increased by 17 percent year-on-year to P51.5 billion from P44.1 billion in the comparable period of 2016.
Its associate First Philippines Holdings Corp. recorded a 28 percent decrease in net income attributable to equity holders of the parent, to P2.5 billion from P3.5 billion in the first half last year. FPHC booked one-off losses of P1 billion due to the debt extinguishment of its operating units in the first half, and it also booked P1.3 billion liquidated damages from a contractor in the first half of 2016.
“The absence of such one-off gain, higher finance costs and unfavorable [foreign exchange]movement led to the lower income,” the company told the Philippine Stock Exchange on Tuesday.
Excluding foreign exchange and other non-recurring items, FPHC’s consolidated recurring income increased 14 percent on the back of higher profits from energy, real estate and manufacturing units.
Media giant ABS-CBN Corp., meanwhile, registered a 41 percent decrease in net income during the period due to the absence of election-related advertising which lifted profits in the comparable period in 2016.
The company’s net income dropped to P1.2 billion from P2.1 billion last year, while consolidated revenue recorded P19.3 billion, also down from last year’s P20.9 billion.
ABS-CBN’s airtime revenues decreased by 21 percent while total costs and expenses decreased by 2 percent.
Incorporated in 1993 as Benpres Holdings Corp., Lopez Holdings was established by the Lopez family to serve as the holding company for their investments in major development sectors.