Lopez Holdings Corporation reported a five percent improvement in attributable net income to P3.41 billion in the first half of 2024 from the P3.25 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its unaudited consolidated revenues increased by one percent year-on-year (YoY) to P84.81 billion from P84.1 billion.

All revenue items were generated by units under First Philippine Holdings Corporation (FPH) consisting of the sale of electricity (up one percent), real estate (higher by 21 percent), contracts and services (down 24 percent), and sale of merchandise (lower by six percent).

Unaudited consolidated costs and expenses increased by three percent to P66.32 billion from P64.43 billion. Cost of sale of electricity, real estate, contracts and services, merchandise sold, and general and administrative expenses reflect the operations of FPH and units.

Loss from investment accounted at equity method of P830 million (down 16 percent) reflects ABS-CBN Corporation’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 21 percent), finance income (down 35 percent), foreign exchange gain of P575 million (up 4,207 percent), dividend income (lower by seven percent) and other income-net (up 93 percent).

FPH posted a P28 million increase in attributable net income to P8.13 billion from P8.10 billion in the first half of 2023.

It reported a one percent decrease in revenues to P84.81 billion from P84.10 billion. Sale of electricity accounted for 85 percent of revenues in the first half of both 2024 and 2023.

ABS-CBN reported a net loss of P2.13 billion, which is 10 percent higher than the net loss of P1.93 billion in the first half of 2023. It reported unaudited revenues of P7.84 billion, 12 percent lower than P8.88 billion in the same period last year.