Lopez Holdings Corporation Lopez Holdings Corporation reported P1.763 billion in net income attributable to equity holders of the parent for the first six months of 2017. This is 34% lower than the P2.668 billion in net income attributable to equity holders of the parent reported in the first half of 2016, on account primarily of one-off losses and the absence of one-off gains at its associate.
Unaudited consolidated revenues increased by 17% yearon-year to P51.482 billion from P44.142 billion.
Associate First Philippine Holdings Corporation (FPH) posted a 28% decrease in net income attributable to equity holders of the parent. FPH booked one-off losses totaling P1.0 billion related to the debt extinguishment of its operating units in 1H2017, while it booked P1.3 billion liquidated damages from a contractor in 1H2016. The absence of such one-off gain, higher finance costs and unfavorable forex movement led to the lower income.
Excluding forex and other nonrecurring items, FPH’s consolidated recurring net income increased by 14% due to higher profits from energy, real estate and manufacturing units.
Meanwhile, investee ABSCBN Corporation registered a 41% decrease in net income during the period. ABS-CBN airtime revenues decreased by 21% while total costs and expenses decreased by 2%.
As of June 30, 2017, Lopez Holdings owned 46% of FPH and 56% economic interest in ABS-CBN.(Story/Photos by: Carla Paras-Sison)