First Holdings income jumps 7-fold to P8.51 billion
MANILA, Philippines - Boosted by gains from the sale of its shares in Manila Electric Co., First Philippine Holdings Corp. reported a more than seven-fold jump in its net income last year.
In a disclosure statement filed with the Philippine Stock Exchange, the Lopez-led FPHC said its net earnings reached P8.51 billion compared with only P1.19 billion in 2008.
“A large part of the increase came from the net gain on the sale of Meralco shares which amounted to P7.2 billion,” FPHC said.
Last year, the Lopez group sold 20 percent of Meralco to the group of Metro Pacific Investments Corp. and Pilipino Telephone Corp.
No other details were disclosed by the company.
Earlier, FPHC’s outstanding P5-billion fixed-rate corporate notes received a credit rating upgrade from Philippine Rating Services Corp. The new rating of PRS Aa was two notches higher than the PRS A plus secured earlier. Obligations rated ‘PRS Aa’ are of high quality and are subject to very low credit risk as the obligor’s capacity to meet its financial commitment on the obligation is very strong.
The outstanding notes were issued in three tranches, which are maturing in 2012, 2014 and 2017.
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