Lopez Holdings net income drops 36% in 2017
MANILA, Philippines – Lopez Holdings Corporation, the listed holding firm of the Lopez Group, saw its net income drop in 2017 as the absence of one-off gains and elections took a toll on earnings of its energy and media firms.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, April 17, Lopez Holdings reported a net income attributable to the equity holders of the parent of P4.225 billion in 2017, down 36% from the P6.557 billion in 2016.
The firm attributed most of the decline to the "absence of one-off gains reported in 2016 and absent in 2017" as both its listed subsidiaries saw their profits drop.
FPH saw its net income attributable to equity holders of the parent drop 41% to P5.845 billion from P9.933 billion in 2016.
FPH's net income in 2016 had been boosted, however, by one-off gains from the settlement of its unit First Philippine Electric Corporation (First Philec) in an arbitration case and liquidation of damages from the delay in construction of the San Gabriel gas-fired plant.
Excluding non-recurring gains, FPH's recurring net income was up 15% to P6.829 billion compared to P5.929 billion in 2016.
ABS-CBN, meanwhile, saw its net income drop by 10% to P3.164 billion from P3.525 billion in 2016, amid the absence of election-related advertising revenues.
Despite the drop, Lopez Holdings itself saw consolidated revenues increase 14% to P104.890 billion, which it attributed to the "higher sale of electricity from FPH unit First Gen Corporation." – Rappler.com