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Manila Bulletin devider Business devider The Stock Market devider Lopez Holdings earnings up on lower ABS-CBN losses

Lopez Holdings earnings up on lower ABS-CBN losses

Published May 14, 2024 08:01 am

Lopez Holdings Corporation reported a five percent improvement in attributable net income to P1.75 billion in the first quarter of 2024 from the P1.67 billion posted in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said this was primarily caused by the lower revenues and margins from the business operations of the First Philippine Holdings Corporation (FPH) group and lower equity share in the net losses of ABS-CBN through Lopez PDRs.

Unaudited consolidated revenues for the first quarter decreased by eight percent year-on-year (YoY) to P39.13 billion from P42.49 billion.

All revenue items were generated by units under FPH, as follows: sale of electricity (down 7 percent); real estate (up 14 percent); contracts and services (lower by 28 percent), and sale of merchandise (down 14 percent).

Unaudited consolidated costs and expenses also decreased by eight percent to P29.91 billion from P32.46 billion. Cost of sale of electricity (-7 percent), real estate (up 11 percent), contracts and services (-48 percent), merchandise sold (-19 percent), and general and administrative expenses (up 1 percent) reflect the operations of FPH and units.

Loss from investment accounted at equity method of P413 million (-29 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 22 percent), finance income (-3 percent), foreign exchange loss (-76 percent), dividend income (up 2 percent) and other income-net (up 54 percent).

FPH posted a five percent decrease in attributable net income to P4.14 billion from P4.34 billion in the first quarter of 2023. It reported an 8 percent decrease in revenues to P39.13 billion from P42.49 billion. Sale of electricity accounted for 85 percent of revenues in both first quarter of 2024 and first quarter of 2023.

ABS-CBN reported a net loss of P994 million, which is 18 percent lower than the net loss of P1.22 billion in the first quarter of 2023. It reported unaudited revenues of P4.08 billion, 4 percent lower than P4.26 billion in the same quarter last year.

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ABS-CBN Corporation First Philippine Holdings Corporation Lopez Holdings Corporation
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