JANUARY TO MARCH 2017 FINANCIAL RESULTS (UNAUDITED)
The weakness of the peso against the US dollar in the first quarter of 2017 led to foreign exchange losses for Lopez Group units with foreign currency-denominated debt.
The power group was affected, including holding companies First Philippine Holdings Corporation (FPH) and Lopez Holdings Corporation, which consolidate their financial statements. There was growth in the recurring earnings of the FPH Group, as well as better margins for Rockwell Land Corporation. Excluding forex and other nonrecurring items, FPH’s net income attributable to equity holders of the parent increased by 12%. Meanwhile, the lack of election-related advertising led to a slow start for ABS-CBN Corporation. (CPS)