By Madelaine B. Miraflor
Despite a decline in the profit of its media arm ABS-CBN Holdings, Corp., Lopez Holdings Corporation still managed to improve its net income in 2018.
In a filing with the Philippine Stock Exchange, Lopez Holdings said it posted P5.9 billion in net income attributable to equity holders of the parent for the year 2018, which is 39 percent higher than the P4.2 billion reported in 2017.
The group's consolidated revenues increased by 20 percent year-on-year (YoY) to P125.4 billion from P104.9 billion, reflecting the strong operating results of the FPH Group's energy, real estate, construction, and manufacturing businesses.
First Philippine Holdings Corporation (FPH), one of its subsidiaries, particularly reported a 76 percent increase in net income attributable to equity holders of the parent to P10.281 billion from P5.854 billion, while ABS-CBN reported a 40 percent decrease in net income to a P1.9 billion from P3.164 billion.
Recurring net income of FPH was at P10.4 billion, 53 percent higher than P6.8 billion the previous year.
As of December 31, 2018, Lopez Holdings owns 47.8 percent of FPH and 56.6 percent economic interest in ABS-CBN.