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Manila Bulletin devider Business devider Lopez Holdings doubles profit to P4.18 billion

Lopez Holdings doubles profit to P4.18 billion

Published Aug 15, 2019 12:00 am
By James A. Loyola Lopez Holdings Corporation doubled its attributable net income to P4.18 billion for the first six months of 2019 from the P2.09 billion earned in the same period last year. In a disclosure, the firm said the steady performance of its energy group under associate First Philippine Holdings Corporation (FPH), as well as the strong recovery of investee ABS-CBN Corporation, accounted for the results. Unaudited consolidated revenues increased by 16 percent year-on-year (YoY) to P67.91 billion from P58.67 billion in the first half of 2018. During the period, FPH posted a 76 percent increase in attributable net income and recurring net income was 35 percent better, as electricity sales grew by 20 percent. ABS-CBN Corporation reported a 98 percent increase in net income, as advertising revenues increased by 18 percent. As of June 30, 2019, Lopez Holdings owned 51 percent of FPH and had a 56 percent economic interest in ABS-CBN.
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