Lopez Holdings CorporationLopez Holdings Corporation reported P2.291 billion in net income attributable to equity holders of the parent for the first quarter of 2019. This is 108% higher than the P1.104 billion in net income attributable to equity holders of the parent reported in the first quarter of 2018, on account primarily of better financial results of the energy group under associate First Philippine Holdings Corporation (FPH) and lower foreign exchange losses as well as better ABSCBN Corporation earnings during the period.
Unaudited consolidated revenues increased by 19% yearon-year (YoY) to P32.770 billion from P27.565 billion.
FPH posted an 87% increase in net income attributable to equity holders of the parent, while ABS-CBN registered a 120% increase in net income during the period. Forex losses on the FPH Group’s consolidated foreign currency-denominated debt fell to P5 million from P881 million during the comparative period. ABSCBN recorded a 22% increase in advertising revenues.
As of March 31, 2019, Lopez Holdings owned 49% of FPH and 56% economic interest in ABS-CBN. (Story/Photos by: Carla Paras-Sison)