2014 Financial ResultsEarnings of listed companies that belong to the Lopez Group surged in 2014 following the stellar performance of operating units, especially Energy Development Corporation (EDC) and First Gen Corporation.
The 146% increase in EDC’s attributable net income contributed to the 64% rise in First Gen’s attributable net income, which in turn drove its parent company, First Philippine Holdings Corporation (FPH), to a 140% jump in attributable income to P5.632 billion in 2014 from P2.350B in 2013. FPH reported a 7% increase in revenues to P99.307B from P93.057B. Sale of electricity accounted for 85% of FPH revenues in 2014 versus 86% of revenues in 2013.
Rockwell Land Corporation, a subsidiary of FPH, also reported robust financia results with a 13% growth in revenues to P8.853B and 11% increase in attributable net income to P1.563B. Rockwell Land expects to sustain its growth momentum with a steady stream of residential and commercial projects in the pipeline. It is also aiming t increase its recurring revenue base with the forthcoming expansion of Power Plant Mall.
Meanwhile, ABS-CBN revenues were flat while attributable net income improved by 11%. However, after removing the effects of election-related advertising booked in 2013, ABS-CBN’s recurring net income actually increased by 42%.
All these led to a 94% increase in the attributable net income of the Group’s listed parent company, Lopez Holdings Corporation. (Story/photo by Carla Paras-Sison)