Lopez Holdings Corporation reported a 135 percent jump in attributable net income to P2.47 billion in net income attributable to equity holders of the first six months of 2022 from the P1.05 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said increased economic activity in the first semester boosted the performance of investee First Philippine Holdings Corporation (FPH), while ABS-CBN Corporation reported a smaller net loss for the period.

Unaudited consolidated revenues increased by 30 percent year-on-year (YoY) to P78.42 billion from P60.49 billion.

Revenues of all FPH units improved, as follows: sale of electricity (up 29 percent); real estate (higher by 9 percent); contracts and services (rose 38 percent) and sale of merchandise (up 115 percent).

Unaudited consolidated costs and expenses increased by 38 percent YoY to P64.17 billion from P46.35 billion. Cost of sale of electricity (up 46 percent), real estate (higher by 25 percent), contracts and services (rose 21 percent), merchandise sold (up 108 percent), and general and administrative expenses (12 percent higher) reflect the operations of FPH and units.

Losses from investments accounted for at equity method (down 66 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 (down 4 percent), finance income (lower by 13 percent), foreign exchange losses (up 6 percent), dividend income (38 percent higher) and other income-net (rose 561 percent).

FPH posted a 7 percent increase in attributable net income to P6.27 billion from P5.84 billion in the first half of 2021.

It reported a 30 percent increase in revenues to P78.42 billion from P60.49 billion. Sale of electricity accounted for 84 percent of revenues in the first half of 2022, the same level in the first half of 2021.

ABS-CBN registered a net loss of P1.46 billion for the first half of 2022, 57 percent lower than the net loss of P3.39 billion in the same period last year.

It reported unaudited revenues of P9.48 billion, 16 percent higher than the P8.16 billion in the first half of 2021.

The company recently announced that it will take up a minority stake (35 percent) in broadcast firm, TV5 Network, Inc., as well as sell part of its interest (39 percent) in Sky Cable Corporation to Cignal Cable Corporation.