First Philippine Holdings LogoFor the first quarter of 2019, First Philippine Holdings Corporation (FPH) reported an attributable recurring net income (RNI) increase of P889 million or 34%, from P2.6 billion last year to this year’s P3.5 billion, primarily due to the energy group’s increased electricity sales, the real estate group’s lower cost of sales and higher leasing income, and higher Meralco dividends received by the parent.

Net income attributable to FPH also increased by P1.7 billion, or 106%, from P2.0 billion to P3.7 billion as the increase in RNI was supplemented by lower forex losses and higher nonrecurring gains during the period.