Lopez Holdings Corporation (LPZ) posted P3.513 billion in net income attributable to equity holders of the parent for the first nine months of 2011. This is 73% lower than the P13.035B net income attributable to equity holders of the parent in the first nine months of 2010. The 9M2010 results include LPZ’s share in the gain on sale of Meralco shares by associate First Philippine Holdings Corporation (FPH).

Cushioning the impact of a weaker year for its investees, LPZ recorded P2.106B as reversal of accrued interest on debt buyback, following its tender offer in August 2011. LPZ offered to buy back approximately $41 million in unrestructured obligations at par value, and accepted tenders for 82% of the amount.

Unaudited consolidated revenues dropped by 15% year-onyear (YoY) to P21.125B from P24.742B, reflecting a challenging year for associate ABS-CBN Corporation in the absence of election-related advertising.

Finance costs-net decreased by 26% to P625M from P847M due to lower interest and finance charges on both ABS-CBN and LPZ debt during the period. Equity in net earnings of associates for the period posted a 92% decline to P888M, representing LPZ’s share in the net income of FPH for 9M2011 due to the recognition of impairment loss on Energy Development Corporation’s Northern Negros Geothermal Power Plant. Gain on sale of investment in the amount of P918M is from the sale of Philippine Depositary Receipts of SkyCable Corporation by both ABS-CBN and LPZ, which was first reported in Q1 2011.

Other income mainly represents the reversal of accrued interest on debt buyback following the company’s tender offer in August 2011.

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