Lopez Holdings’ profit dips 43%

MANILA — Conglomerate Lopez Holdings booked a 43-percent decline in nine-month profit on one-off losses and the absence of one-off gains at its associate.
It reported to the local bourse its net income attributable to equity holders of the parent firm reached PHP3.

17 billion in January to September this year from PHP5.59 billion during the same period last year.

Unaudited consolidated revenues grew by 19 percent year-on-year to PHP77.

94 billion from PHP65.63 billion.

Associate First Philippine Holdings Corp. (FPH) posted a 49-percent decrease in net income attributable to equity holders of the parent.

The conglomerate attributed the decline to one-off losses related to debt prepayments of FPH’s consolidated units First Gas Power Corp. (FGPC) and Energy Development Corp. (EDC).

It recorded one-off gains from liquidated damages and arbitration settlement proceeds in nine months last year. The one-off losses, absence of one-off gains and unfavorable foreign exchange movement led to the lower income.

Excluding non-recurring items, consolidated net income rose by 5 percent due to higher operating profits from its real estate and manufacturing units.

Meanwhile, investee ABS-CBN Corp. registered a 20-percent decrease in net income during the period on lower airtime revenues and total costs and expenses.

As of September 30, Lopez Holdings owned 46 percent of FPH and 56 percent economic interest in ABS-CBN.