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Manila Bulletin devider Business devider The Stock Market devider Lopez Holdings' earnings dip on higher costs

Lopez Holdings' earnings dip on higher costs

Published Nov 17, 2024 10:05 pm

Lopez Holdings Corporation, one of the investment arms of the Lopez family, reported seven percent dip in attributable net income to P4.83 billion for the first nine months of 2024 from the P5.21 billion earned in the same period last year.

The firm disclosed to the Philippine Stock Exchange that its unaudited consolidated revenues were flat at P124.63 billion from P124.29 billion.

All revenue items were generated by units under First Philippine Holdings Corporation (FPH) consisting of sale of electricity (no change); real estate (up 16 percent); contracts and services (down nine percent), and sale of merchandise (lower by 10 percent).

Unaudited consolidated costs and expenses increased by three percent to P98.52 billion from P95.51 billion. Cost of sale of electricity (up four percent), real estate (eight percent higher), contracts and services (down 19 percent), merchandise sold ( lower by 12 percent), and general and administrative expenses (up five percent).

Loss from investment accounted for at equity method of P1.06 billion (down 27 percent) reflects ABS-CBN’s performance for the period.

All other income and expenses primarily reflect FPH accounts or those of its subsidiaries and affiliates, including finance costs (up 18 percent), finance income (down 40 percent), net foreign exchange gain of P153 million (up 565 percent), dividend income (down three percent) and net other income (two percent).

FPH posted a 10 percent decrease in attributable net income to P11.34 billion from P12.66 billion in the first three quarters of 2023. It reported revenues of P124.63 billion from P124.29 billion with sale of electricity accounting for 84 percent of revenues in the period for both 2024 and 2023.

ABS-CBN reported a net loss of P2.59 billion, which is 22 percent smaller than the net loss of P3.33 billion in 2023. It reported unaudited revenues of P12.28 billion, 10 percent lower than P13.67 billion in the same period last year.

Lopez Holdings paid out cash dividends of P0.10 per share in June 2024 for a total amount of P454 million. It received cash dividends at the rate of P1.10 per common share from FPH for a total amount of P283 million, also in June 2024.

Related Tags

ABS-CBN Corporation First Philippine Holdings Corporation Lopez Holdings Corporation
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