Lopez Group third quarter financial results

Lopez Holdings reported a 33% increase in net income attributable to equity holders of the Parent for the first nine months 2014 to P3.154 billion, from P2.366 billion in the same period in 2013. The strong performance of First Philippine Holdings Corporation (FPH) and associates anchored the growth.

Unaudited consolidated revenues increased by 10% year-on-year to P75.614 billion from P68.852 billion, as FPH subsidiaries contributed to higher revenues. ABS-CBN Corporation net income surged by about 29% for 9M2014, after stripping out the effects of election-related ad spending in the previous year.

“FPH has a solid portfolio of clean, indigenous and/or renewable energy generating assets that will be in great demand as the country continues on its growth trajectory. ABS-CBN, meanwhile, continues to thrive in the very competitive television and studio business, while growing its pay TV and new initiatives, including telecom. We expect our associates to build up recurring income going forward,” said Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona.

As of December 31, 2013, Lopez Holdings held a 56% economic interest in ABS-CBN and 46% in FPH.