Lopez Holdings reports P2.174B net income

Lopez Holdings reported P2.174 billion in net income attributable to equity holders of the parent for the first six months of 2018. This was 23 percent higher than the P1.763 billion in net income attributable to equity holders of the parent reported in the first six months of 2017. The stable performance of the energy group under associate First Philippine Holdings Corporation (FPH) accounted for the results.

Unaudited consolidated revenues increased by 14 percent year-on-year to P58.674 billion from P51.482 billion.

FPH posted a 61 percent increase in net income attributable to equity holders of the parent while ABS-CBN Corporation reported a 41 percent decrease in net income during the period. Unfavorable forex movement during the period partially offset the effect of growth in the recurring earnings of the FPH Group. ABS-CBN revenues declined by two percent while expenses increased by four percent.

As of 30 June 2018, Lopez Holdings owned 47 percent of FPH and 56 percent economic interest in ABS-CBN.