Lopez Holdings Corporation registered P5.451 billion in net income attributable to equity holders of the parent for the first six months of 2012. This is 569% higher than the P815 million in net income attributable to equity holders of the parent reported in 1H2011.

This was primarily due to the 39x year-on-year (YoY) increase in equity in net earnings of associates to P4.914B from an equity in net loss of associates of P127M, after associate First Philippine Holdings Corporation (FPH) sold a 2.66% stake (30 million shares) in Meralco in January 2012. FPH also booked an additional gain relating to its previous sale of Meralco shares, with the assignment to the FPH Group of Rockwell Land shares received as property dividends by buyer Beacon Electric.

Unaudited consolidated revenues increased by 9% YoY to P15.252B from P13.955B as associate ABS-CBN Corporation continued TV ratings supremacy in 1H2012 and implemented higher advertising rates beginning February 2012.

“ABS-CBN consumer sales showed strength, growing 17% compared to 5% for advertising revenues. Its associate, SKYcable, demonstrated operational strength in absorbing Destiny Cable. FPH, in addition to a number of extraordinary gains during the period, continued to harness consistently stable performance from its generation assets. We are optimistic this trend can be sustained for the rest of the year,” said Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona.

As of December 31, 2011, Lopez Holdings held a 60.3% economic interest in ABSCBN and 46.6% in FPH.