Lopez Holdings income up 27% to P1.81B

MANILA, Philippines - The net income of the Lopez family’s investment firm posted a double-digit growth in the first half amid higher contribution from its operating units.

Lopez Holdings Inc. said its net income reached P1.81 billion, 27 percent higher than the P1.42-billion profit a year ago.

“This was primarily due to the strong performance of First Philippine Holdings Corp. (FPHC) and associates during the period,” Lopez Holdings said.

Unaudited consolidated revenues grew six percent to P48.64 billion from P46.02 billion as FPHC subsidiaries contributed to higher revenues like real estate, contracts and services and sale of merchandise.

This was tempered by the 11-percent decrease in equity in net earnings of associates, Philippine Deposit Receipts and joint venture, mainly representing operations of ABS-CBN Corp.

“The continuing investments being made by our associates FPHC and ABS-CBN are founded on a clear strategy for sustainable growth,” said Lopez Holdings president and chief operating officer Salvador G. Tirona.

“FPHC is on track to deliver clean and renewable energy that will support the country’s medium-term economic growth,” Tirona said, adding that ABS-CBN is poised to reap the benefits of its digital convergence strategy in the next 18 months.

As of end-December, Lopez Holdings held a 56-percent economic interest in ABS-CBN and 46 percent in FPHC, which has a generating capacity of 2,800 megawatts through geothermal firm Energy Development Corp. and renewable energy firm First Gen Corp.

“We are convinced that both investees will deliver creditably on their commitments to their stakeholders,” Tirona said.

Formerly Benpres Holdings Corp., the company was created in 1993 as the holding company for the Lopez family’s investments in major development sectors. It has since sold its interest in banking, toll roads, information technology, property development and health care delivery.