Lopez HoldingsLopez Holdings Corporation reported P3.170 billion in net income attributable to equity holders of the parent for the first nine months of 2017.
This is 43% lower than the P5.591 billion in net income attributable to equity holders of the parent reported in the first nine months of 2016 on account of one-off losses and the absence of one-off gains at its associate. Unaudited consolidated revenues increased by 19% year-on-year to P77.944 billion from P65.626 billion.
Associate First Philippine Holdings Corporation (FPH) posted a 49% decrease in net income attributable to equity holders of the parent.
FPH booked one-off losses related to debt prepayments of consolidated units First Gas Power Corporation and Energy Development Corporation. It recorded one-off gains from liquidated damages and arbitration settlement proceeds in 9M2016.
The one-off losses, absence of one-off gains and unfavorable forex movement led to the lower
income. Excluding nonrecurring items, consolidated net income increased by 5% due to higher operating profits from its real estate and manufacturing units.
Meanwhile, investee ABSCBN Corporation registered a 20% decrease in net income during the period. ABS-CBN airtime revenues decreased by 16% while total costs and expenses decreased by 2%.
As of September 30, 2017, Lopez Holdings owned 46% of FPH and 56% economic interest in ABS-CBN. (Story/Photos by: Carla Paras-Sison)