Lopez Holdings Corporation reported an attributable net income of P2.25 billion for the first nine months of 2021, a reversal of the P491 million in attributable net loss suffered in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said “This was mainly due to a recovery in the businesses of units under investee First Philippine Holdings Corporation (FPH), coupled with the smaller net loss of investee ABS-CBN Corporation."
Unaudited consolidated revenues increased by 17 percent year-on-year (YoY) to P92.29 billion from P79.02 billion as operating companies held by FPH recorded better sales.
Sale of electricity went up by 15 percent; real estate by 56 percent; contracts and services by 10 percent; and sale of merchandise by 37 percent.
Unaudited consolidated costs and expenses increased by 20 percent to P72.23 billion from P60.1 billion primarily reflecting the operations of FPH and its units.
Earnings from investments accounted for at equity method (-P1.66 billion) represents mainly the performance of ABS-CBN, and includes share in the performance of FPH units.
All other income and expenses reflect FPH accounts or those of its associates, including finance costs (down 19 percent), finance income (28 percent lower), foreign exchange gains (down 80 percent), dividend income (up 1 percent) and net other income (up 101 percent).
FPH reported a 16 percent increase in attributable net income to P8.5 billion from P7.3 billion in the first nine months of 2020. It reported a 17 percent increase in revenues to P92.29 billion from P79.02 billion.
Sale of electricity accounted for 85 percent of revenues in the first nine months of 2021, compared to 87 percent of revenues in the same period last year.
ABS-CBN booked a net loss of P3.78 billion, 48 percentsmaller than the net loss of P7.32 billion in the first nine months of 2020.
It reported unaudited revenues of P12.75 billion, 25 percent lower than P17.03 billion in the same period last year, which still included revenues from ad sales until May 4, 2021.
The company is currently producing content mainly for digital platforms after its broadcast franchise expired.