The absence of extraordinary items pulled back the performance of EDC but recurring net income remained stable all the way to parent F irst Gen and conglomerate FPH. For the 2015 financial performance of ABS-CBN, EDC and F irst Gen , see stories published in the April 2016 issue of LopezLinkLopez Holdings Corporation posted P6.191 billion in net income attributable to equity holders of the parent for the year 2015. This is 65% higher than the P3.760B in net income attributable to equity holders of the parent reported in 2014. This was primarily due to the partial recovery of impairment losses related to its erstwhile telecom unit.
Lopez Holdings and Bayan Telecommunications Holdings Corporation (BTHC) sold all their equity in Bayan Telecommunications Inc. in July 2015. The sale followed the conversion of Bayan debt into equity provided under the resolution of Bayan’s rehabilitation court in SEC Case 03-25 dated August 27, 2013, and approved by the National Telecommunications Commission on July 2, 2015. The Lopez Holdings board approved the sale on July 9, 2015. Partial recovery of impairment losses related to BTHC/Bayan as a result of the sale amounted to P1.8B, net of related expenses.
The stellar performance of investees First Philippine Holdings Corporation (FPH) and ABS-CBN Corporation contributed to the favorable financial results. FPH reported recurring net income of P5.2B, 11% higher than 2014’s P4.7B, on the strength of its power generation, manufacturing and geothermal well drilling businesses. ABS-CBN reported a 25% increase in net income to P2.545B, driven by steadily growing revenue streams from both advertising and consumer sales
Lopez Holdings’ consolidated revenues for the period eased by 3% to P96.510B from P99.191B. As of December 31, 2015, Lopez Holdings held a 56% economic interest in ABSCBN and 46% in FPH. (Story/Photo by: Carla Paras-Sison)