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Manila Bulletin devider Business devider The Stock Market devider Lopez Holdings profits fall 48% on higher ABS-CBN loss

Lopez Holdings profits fall 48% on higher ABS-CBN loss

Published Apr 16, 2024 07:08 am

Lopez Holdings Corporation reported a 48 percent drop in attributable net income to P2.85 billion last year from the P5.44 billion earned in 2022 due to its equity share in the 2023 net loss of investee ABS-CBN Corporation.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said consolidated revenues decreased by three percent year-on-year (YoY) to P164.95 billion from P170.34 billion in 2022.

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It noted that all revenue items came from First Philippine Holdings Corporation’s (FPH) group performance as follows: sale of electricity (down four percent); real estate (up five percent), contracts and services (up four percent), and sale of merchandise (up one percent).

Consolidated costs and expenses decreased by six percent to P131.31 billion from P139.18 billion, all reflecting primarily FPH accounts: costs of sale of electricity (down nine percent); real estate (up three percent), contracts and services (up 11 percent), merchandise sold (up two percent), and general and administrative expenses (up three percent).

Share in net loss of investment accounted for at equity method (higher by 448 percent) in the amount of P5.13 billion represents largely the performance of ABS-CBN, as well as share in the performance of FPH units. 

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ABS-CBN provided for impairment losses on its various assets, goodwill, program rights and other intangible assets of P9.13 billion. 

FPH reported a 19 percent increase in attributable net income to P15.066 billion from P12.68 billion in 2022. Recurring net income attributable (RNI) to FPH was at P13.8 billion, eight percent higher than P12.78 billion the previous year. 

Its year-on-year consolidated revenues were lower by three percent at P164.95 billion from P170.34 billion.

ABS-CBN reported a 2023 net loss of P12.85 billion, 387 percent higher than the P2.64 billion net loss in 2022. Revenues decreased by four percent to P18.51 billion from 19.2 billion in 2022.

Lopez Holdings received cash dividends amounting to P567 million from FPH in 2023. FPH had declared cash dividends totaling P2.20 per common share.
 

Related Tags

ABS-CBN Corporation First Philippine Holdings Corporation Lopez Holdings Corporation
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