Lopez Holdings H1 income hits P14.1B
Credit to Author: TYRONE JASPER C. PIAD| Date: Thu, 15 Aug 2019 16:24:45 +0000
LISTED Lopez Holdings Corp. saw its consolidated net income in the first half of 2019 soar to P14.12 billion on the back of the robust performance of its renewable energy (RE) and media units.
In a regulatory filing on Thursday, the holding company of the Lopez family said the amount was a 76-percent increase from P8.01 billion in the January-to-June 2018 period.
Net income attributable to equity holders doubled to P4.18 billion in the first six months from P2.09 billion a year ago.
“The steady performance of the energy group under associate First Philippine Holdings Corp. (FPH), as well as strong recovery of investee ABS-CBN Corp., accounted for the results,” Lopez Holdings said.
In a separate disclosure, FPH’s energy unit First Gen Corp. said it nearly doubled its consolidated net income to $233.39 million (P12.14 billion) in the first half from the year-earlier P120.6 million (P6.27 billion), adding that its “clean-fuel platforms all performed notably during the period.”
Consolidated revenues from the sale of electricity rose 15 percent to $1.11 billion (P58.1 billion) in the first half from the year-earlier $963 million (P49.6 billion).
Revenues from its natural gas portfolio, meanwhile, jumped by 16 percent to $692 million (P36.2 billion) from January to June.
First Gen subsidiary Energy Development Corp. posted $49 million (P2.6 billion) in recurring earnings in the first semester — up 53 percent from $33 million (P1.7 billion) a year ago — from its geothermal, wind and solar platform.
Its gross revenues reached $374 million (P19.6 billion) in the period, accounting for 34 percent of total consolidated revenues of First Gen.
Increase in sales volume and price drove First Gen Hydro Power Corp.’s revenues by 43 percent to $33 million (P1.7 billion) in the first semester from year-earlier $10 million (P500 million).
Media conglomerate ABS-CBN Corp. saw its consolidated net income nearly grow twofold to P1.47 billion in the first half from P741 million a year ago on the back of higher advertising revenues and consumer sales.
Advertising revenues were up by 17.8 percent to P11.29 billion, while consumer sales rose by 1.7 percent to P9.52 million.
Its first-half consolidated revenues jumped by 9.8 percent to P20.80 billion from year-earlier P18.94 billion.
Lopez Holdings shares dipped by 2 centavos or 0.45 percent to close at P4.40 each on Thursday.