Lopez Holdings Corporation reported a 39 percent jump in attributable net income to P851 million for the first quarter of 2022 from the P613 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its investee First Philippine Holdings Corporation (FPH) reported flat earnings while ABS-CBN Corporation’s net loss for the period was estimated based on its performance in 2021.
Unaudited consolidated revenues increased by 26 percent year-on-year (YoY) to P35.07 billion from P27.87 billion.
All revenue items were generated by units under FPH, as follows: sale of electricity (up 25 percent); real estate (down 4 percent); contracts and services (up 7 percent) and sale of merchandise (up 145 percent).
Unaudited consolidated costs and expenses increased by 41 percent to P28.15 billion in the first quarter of this year from P19.976 billion in the same period of 2021.
Cost of sale of electricity (up 49 percent), real estate (up 2 percent), contracts and services (higher by 7 percent), merchandise sold (up 145 percent), and general and administrative expenses (higher by 28 percent) reflect the operations of FPH and units.
Loss from investment accounted for at equity method was estimated at P746 million (21 percent lower) with ABS-CBN’s contribution based on its performance in the previous year.
All other income and expenses primarily reflect FPH accounts or those of its subsidiaries and affiliates, including finance costs (down 4 percent), finance income (up 12 percent), foreign exchange gain (156 percent higher), dividend income (up 30 percent) and other income-net (358 percent higher).
FPH posted a 4 percent decrease in attributable net income to P3.3 billion from P3.4 billion in the first quarter of 2021.
It reported a 26 percent increase in revenues to P35.07 billion from P27.87 billion. Sale of electricity accounted for 83 percent of revenues in the first quarter of 2022, the same level in the first three months last year.
ABS-CBN’s contribution to the Parent was estimated based on its performance in 2021. It reported an unaudited net loss of P1.95 billion in the first quarter of 2021 on revenues of P3.92 billion.
“For the period in review, the financial performance of investees was within expectations, fully recognizing the economic impact of quarantine restrictions and the non-renewal of the ABS-CBN franchise,” Lopez Holdings said.