Lopez Holdings LogoLopez Holdings Corporation reported P1.042 billion in net income attributable to equity holders of the parent for the first quarter of 2017. This is 19% lower than the P1.291 billion in net income attributable to equity holders of the parent reported in the first quarter of 2016, on account primarily of forex losses during the period.
Unaudited consolidated revenues increased by 12% yearon-year to P25.422 billion from 22.726 billion.
First Philippine Holdings Corporation (FPH) posted a 6% decrease in net income attributable to equity holders of the parent while ABS-CBN Corporation registered a 59% decrease in net income during the period.
Unfavorable forex movement during the period partially offset the effect of growth in the recurring earnings of the FPH Group. Excluding forex and other nonrecurring items, attributable earnings of FPH increased by 12%. ABS-CBN ad revenues decreased by 13% while total costs and expenses increased by 3%.
As of March 31, 2017, Lopez Holdings owned 46% of FPH and 56% economic interest in ABS-CBN.(Story/Photos by: Carla Paras-Sison)