Lopez Holdings Corp. on Monday said it posted a net income of P2.25 billion in January to September, a reversal of the P491-million net loss it posted last year, mainly on the recovery of its power unit.
“This was mainly due to a recovery in the businesses of units under investee First Philippine Holdings Corp., coupled with the smaller net loss of investee ABS-CBN Corp.,” the company said in its report.
Consolidated revenues rose 17 percent to P92.28 billion from P79.02 billion, mainly on the strong sales of First Holdings from the sale of electricity, real estate, contracts and services and sale of merchandise.
Unaudited consolidated costs and expenses rose by 20 percent to P72.23 billion from P60.1 billion last year, which primarily reflect the operations of First Holdings and its units.
First Holdings reported a 16-percent increase in net income to P8.49 billion from P7.29 billion last year. It reported a 17-percent increase in revenues to P92.28 billion from P79.02 billion last year. Electricity sales accounted for 85 percent of revenues for the period, slightly down from 87 percent last year.
ABS-CBN booked a net loss of P3.77 billion, or about half of the P7.31-billion loss it posted last year.
It reported unaudited revenues of P12.745 billion, a quarter lower than the P17.03 billion recorded a year ago, which still included revenues from ad sales until May 4.
The company is currently producing content mainly for digital platforms after its broadcast franchise expired.