Lopez Holdings CorporationLopez Holdings Corporation reported P3.911 billion in net income attributable to equity holders of the parent for the first nine months of 2018. This is 24% higher than the P3.160 billion in net income attributable to equity holders of the parent reported in the first nine months of 2017 on account of better financial results of the energy group under associate First Philippine Holdings Corporation (FPH).
Unaudited consolidated revenues increased by 17% yearon-year to P91.188 billion from P77.944 billion.
FPH posted a 54% increase in net income attributable to equity holders of the parent, with higher revenues driven by electricity sales of First Gen’s natural gas plants. Recurring net income increased by 37% due to stronger operating profits from all business segments.
Meanwhile, investee ABSCBN Corporation registered a 35% decrease in net income during the period. ABS-CBN reported flat revenues, with airtime sales down by 3% while total costs and expenses increased by 4%.
As of September 30, 2018, Lopez Holdings owned 47% of FPH and 56% economic interest in ABS-CBN. (Story/Photos by: Carla Paras-Sison)