By James A. Loyola
Lopez Holdings Corporation reported a 36 percent drop in attributable net income to P4.23 billion last year from the P6.56 billion earned in 2016.
In a disclosure to the Philippine Stock Exchange, the firm said one-off gains reported in 2016 and absent in 2017 accounted for most of the decline.
Subsidiary First Philippine Holdings Corporation reported a 41 percent decrease in attributable net income to P5.85 billion from P9.93 billion.
ABS-CBN reported a 10 percent decrease in net income to a P3.16 billion from P3.53 billion, in the absence of election-related advertising revenues.
Consolidated revenues increased by 14 percent year-on-year (YoY) to P104.89 billion from P91.91 billion, reflecting higher sale of electricity of FPH subsidiary First Gen Corporation.
Recurring net income of FPH was at P6.83 billion, 15 percent higher than P5.93 billion the previous year.