Lopez Holdings Corporation reported an 83 percent surge in attributable net income to P4.12 billion in the first nine months of 2022 from the P2.25 billion earned in the same period last year.

Attributable net income is the portion of consolidated net income or loss for the period, net of income taxes, which is attributable to the parent company or that which excludes minority equity interests in subsidiaries or affiliates. Comparatively, a net income, also called net earnings, is sales minus cost of goods sold, general expenses, taxes, and interest.

In a disclosure to the Philippine Stock Exchange, the firm said earnings rose as First Philippine Holdings Corporation (FPH) reported improved earnings while ABS-CBN Corporation reported a smaller net loss for the period.

Unaudited consolidated revenues increased by 36 percent year-on-year (YoY) to P125.06 billion from P92.29 billion.

Revenues of all FPH units improved: sale of electricity (34 percent), real estate (39 percent), contracts and services (35 percent), and sale of merchandise (96 percent).

Equity share in net losses from investments accounted for at equity method (-62 percent) represent primarily the performance of ABS-CBN, partially offset by equity in net earnings of FPH associates and joint venture.

All other income and expenses primarily reflect FPH accounts or those of its subsidiaries and affiliates, including finance costs (up 7 percent), finance income (down 7 percent), foreign exchange gains (373 percent higher), dividend income (up 7 percent) and other income-net (lower by 18 percent).

FPH posted a 13 percent increase in attributable net income to P9.64 billion from P8.5 billion in the first nine months of 2021.

It reported a 36 percent increase in revenues to P125.06 billion from P92.29 billion. Sale of electricity accounted for 84 percent of revenues in the first nine months of 2022, and 85 percent of revenues in the same period last year.

ABS-CBN registered a net loss of P1.87 billion for the first nine months of 2022, 50 percent lower than the net loss of P3.78 billion in the comparative period of 2021.

It reported unaudited revenues of P14.31 billion, 12 percent higher than P12.75 billion in the first nine months of 2021. The company continues to produce world-class content accessible through local, international and digital distribution platforms.