Lopez Holdings Corporation almost doubled attributable net income to P1.67 billion in the first quarter of 2023 from the P851 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) posted a 32 percent increase in attributable net income while ABS-CBN Corporation reported a 13 percent lower net loss for the period in review.
Unaudited consolidated revenues increased by 21 percent year-on-year (YoY) to P42.491 billion from P35.07 billion.
All revenue items were generated by units under FPH, as follows: sale of electricity (up 24 percent); real estate (down 3 percent); contracts and services (up 24 percent) and sale of merchandise (down 7 percent).
Unaudited consolidated costs and expenses increased by 15 percent to P32.46 billion from P28.15 billion.
Cost of sale of electricity (up 16 percent), real estate (up 14 percent), contracts and services (up 48 percent), merchandise sold (up 2 percent), and general and administrative expenses (up 4 percent) reflect the operations of FPH and units.
Loss from investment accounted for at equity method of P583 million (down 22 percent) reflects ABS-CBN’s performance for the quarter.
All other income and expenses primarily reflect FPH accounts or those of its subsidiaries and affiliates, including finance costs (up 27 percent), finance income (up 127 percent), foreign exchange loss of P71 million compared to a gain of P128 million in the first quarter of 2022, dividend income (up 8 percent) and other income-net (down 25 percent).
FPH’s attributable net income rose to P4.34 billion P3.3 billion in the first quarter of 2022. It reported a 21 percent increase in revenues to P42.49 billion from P35.07 billion.
Sale of electricity accounted for 85 percent of revenues in the first quarter of 2023, compared to 83 percent in the same period last year.
ABS-CBN reported a decline in net loss of P1.22 billion from the net loss of P1.4 billion in the first quarter of 2022. It reported unaudited revenues of P4.26 billion, 9 percent lower than the P4.69 billion generated in the same quarter last year.