MANILA, Philippines - Benpres Holdings Corp. has obtained the Securities and Exchange Commission’s nod to change its corporate name to Lopez Holdings Corp.
In view of this, the investment holding firm had asked the Philippine Stock Exchange to change its trading symbol from BPC to LPZ.
The name change was intended to better reflect the company as a unit of the Lopez Group. Benpres was derived from the names Benito and Presentacion, parents of the late Eugenio H. Lopez Sr. who founded the Lopez Group.
“The name Lopez Holdings identifies the company more clearly as part of the Lopez Group, known for generations in Philippine business for the practice of enduring values – pioneering entrepreneurial spirit, business excellence, unity, nationalism, social justice, integrity, and concern for employee welfare and wellness,” Benpres said in a statement issued yesterday.
Benpres is the parent company of media giant ABS-CBN Broadcasting Corp. and First Philippine Holdings Corp., a holding company with investments in power generation, power distribution, manufacturing and property.
The company posted a turnaround in its financial performance in the first quarter this year with a net income of P11.023 billion, compared to a loss of P176 million in the same period in 2009.
Benpres’ equity in net earnings of associates amounted to P10.56 billion, 92 times the P115 million recorded year-on-year, boosted by the sale of a 6.7-percent stake in power utility Manila Electric Co. (Meralco).
Lower finance costs likewise contributed to the marked improvement in the Lopez holding firm’s financial performance. Finance costs declined 16 percent to P360 million from P430 million due to lower debt levels, following a significant buyback in August 2009.
Unaudited consolidated revenues reached P7.75 billion, up 47 percent from P5.29 billion as associate ABS-CBN reported a 47-percent year-on-year increase in consolidated revenues as well as a six-fold hike in core net income. Recurring advertising revenues were up 45 percent while consolidated advertising revenues, including political and advocacy ads, jumped 83 percent.
Power generation unit First Gen reported a 166-percent jump in net income, brought about by better results from subsidiary Energy Development Corp.’s as well as lower financing costs.
As of Dec. 31, 2009, Benpres held a 57 percent economic interest in ABS-CBN and 42 percent in FPHC.
Benpres was incorporated in 1993 by the Lopez family to serve as the holding company for investments in major development sectors such as broadcasting and cable; telecommunications; power generation and distribution; and banking. It added to its portfolio investments in other basic service sectors but has since sold its interest in banking, toll roads, information technology, property development and health care delivery.