Lopez Holdings earns P1.15 billion, up 10% in Q1

MANILA, Philippines — Lopez Holdings Corp. chalked a net income of P1.15 billion in the first quarter, 10 percent more than last year’s P1.04 billion even as higher forex losses partially offset the effect of growth in the recurring earnings of a subsidiary.

In a disclosure to the Philippine Stock Exchange, the holding company of the Lopez family reported unaudited consolidated revenues of P27.57 billion, eight percent more than the P25.42 billion recorded in the same period last year.

First Philippine Holdings Corp. (FPH) posted a 10 percent increase in net income, while media giant ABS-CBN Corp. registered a 31 percent jump during the three-month period.

“Unfavorable forex movement during the period partially offset the effect of growth in the recurring earnings of the FPH Group,” Lopez Holdings said.

Excluding non-recurring items, attributable earnings of FPH grew 36 percent, according to the company.

ABS-CBN ad sales, meanwhile, decreased 10 percent while costs and expenses fell four percent.