Lopez Holdings CorporationLopez Holdings Corporation reported P4.355 billion in net income attributable to equity holders of the parent for the first nine months of 2015. This is 38% higher than the P3.154B in net income attributable to equity holders of the parent reported in the first nine months of 2014. The recovery of impairment losses related to its erstwhile telecom unit accounted for the favorable results.
On July 21, 2015, Globe Telecom Inc. agreed to buy from Bayan Telecommunications Holdings Corporation (BTHC) and Lopez Holdings all the equity in the capital stock of Bayan Telecommunications Inc. held by BTHC and Lopez Holdings, valued at approximately P1.83B. This followed the conversion of Bayan debt into equity provided under the August 27, 2013 resolution of Bayan’s rehabilitation court, which was approved by the National Telecommunications Commission on July 2, 2015.
The Lopez Holdings board approved the transaction on July 9. In the same month, partial recovery of impairment losses amounted to P1.5B, net of related expenses. On November 6, 2015, after clearance by the Bureau of Internal Revenue and transfer of shares to Globe, the remaining balance of 10% or P183 million was received.
Lopez Holdings’ unaudited consolidated revenues for the period slipped by 4% year-on-year to P72.526B from P75.505B.
As of September 30, 2015, Lopez Holdings held a 56% economic interest in ABS-CBN and 46% in First Philippine Holdings Corporation. (Story/Photos by: Carla Paras-Sison)