First Philippine Holdings CorporationFirst Philippine Holdings (FPH) posted a consolidated net income attributable to parent of P2.6 billion for the first half of 2015. This is higher by P119 million or 5% compared to the P2.5B last year primarily due to the higher earnings contribution of Rockwell Land Corporation, First Balfour and First Philippine Electric Corporation (First Philec), which more than made up for the decrease in net income reported by First Gen Corporation for the period (see related stories).
The net income of First Philippine Industrial Park (FPIP) dropped P101M or 44% from P230M in 2014 to P129M in 2015 because of lower industrial land sales coupled with higher land development costs. FPIP sold 6.8 hectares of industrial land for the first half of this year compared to 8.8 hectares for the first half of 2014.
First Balfour registered a net income of P358M, 9% or P31M higher than last year’s P327M. The improvement in earnings was brought about by the increase in profits from the drilling services of its subsidiary Therma Prime Well Services Inc.
First Philec reported a net income of P72M, a P176M turnaround from the P104M loss incurred last year, on the back of higher sales of electrical transformers as well as lower expenses from its solar businesses that are under arbitration. (FPH Comptrollership)