Lopez Holdings attributable net income at P1B
Lopez Holdings Corporation reported P1.0 billion in net income attributable to equity holders of the parent for the first quarter of 2013.
This is 64% lower than the P2.752B in net income attributable to equity holders of the parent reported in the first quarter of 2012, as restated. This was primarily due to the absence of a gain on sale of investment in equity securities. Subsidiary First Philippine Holdings Corporation (FPH) sold a 2.66% stake (30 million shares) in Meralco in January 2012.
Unaudited consolidated revenues decreased by 13% year-on-year to P22.155B from P25.366B as FPH registered declines in the sale of electricity and in the sale of merchandise.
ABS-CBN income up 66%
ABS-CBN Corporation’s consolidated net income registered P508 million in net income for the first quarter of 2013, a significant increase of 66% compared with P306M in the same period last year.
ABS-CBN generated consolidated revenues of P7.9 billion from advertising and consumer sales, a 21% increase compared to last year.
Advertising revenues reached P4.4B, an increase of 22% from a year ago. Consumer sales amounted to P3.5B, posting an 18% increase. SkyCable continues to be a major driver of growth with revenues increasing by 43% to P1.6B. The growth in revenues is partly attributable to the acquisition of Destiny Cable.
Total costs and expenses increased by 17% to P7.2B brought about by increases in production costs, cost of sales and services, and general and administrative expenses. Capital expenditure and film and program rights acquisition amounted to P1.1B which was the same level of spending last year.
FPH maintains recurring income growth
First Philippine Holdings Corporation’s (FPH) first quarter consolidated net income amounted to P3.8 billion, down from last year’s P7.8B. The decline was mainly due to the absence of the P3.3B gain from the sale of Meralco shares in 2012. Net income attributable to parent was P1.8B, down from P3.2B from last year.
Without the gain of last year, recurring net income is still higher by 10% or P155 million for the period.
First Gen reports attributable net income of $55.8M
First Gen Corporation reported net income attributable to equity holders of the parent of $55.8 million for the first quarter ended March 31, 2013.
This was an 11.0% increase from the $50.3M registered in the same period of 2012 mainly resulting from the higher income booked by the First Gas Plants due to the full earnings contribution following the purchase in May 2012 of the 40.0% BG Group stake, higher sales volume and trading gains from Energy Development Corporation’s geothermal plants, and savings from interest expense.
Consolidated revenues decreased by $27.2M, or by 5.2%, to $494.6M for the first quarter of 2013 from $521.8M for the same period in 2012.
EDC posts P2.7B net income
Energy Development Corporation (EDC) posted a P2,698.2 million net income attributable to equity holders of EDC, almost the same level as the P2,699.3M of the same period last year.
The earnings performance resulted from the increased revenue contribution from Green Core Geothermal Inc. being offset by the drop in First Gen Hydro Power Corporation’s revenue contribution.
Recurring net income to equity holders of EDC at P2,578.3M posted a 10% increase as compared to the P2,344.5M for the first quarter of 2012. (Contributed by: Carla Paras-Sison, Melissa Ortiz, FPH Accounting, Joel Gaborni)
January to March 2013 Financial Results (Unaudited)
||Net income attributable
||to equity holders
|| of the parent company
* Include P3.339 billion gain on the sale of Meralco shares