Lopez Holdings Corporation reported P2.634 billion in net income attributable to equity holders of the parent for the first quarter of 2012. This is 192% higher than the P902 million in net income attributable to equity holders of the parent reported in the first quarter of 2011. This was primarily due to the 826% yearon- year (YoY) increase in equity in net earnings of associates to P2.417B from P261M, after associate First Philippine Holdings Corporation (FPH) sold a 2.66% stake (30 million shares) in Meralco in January 2012.
Unaudited consolidated revenues increased by 8% YoY to P7.149B from P6.593B as associate ABS-CBN Corporation led national primetime TV ratings in 1Q 2012 and implemented higher advertising rates beginning February 2012.
“Outside of election-related spending, we have not seen any significant expansion in Philippine ad spend for many years. This is why it was important for ABS-CBN to develop its consumer sales business. This business grew faster in the first quarter at 15%, compared to advertising revenues which grew 4%. As for FPH, its recurring net income increased by 164%, showing the strength of its power generation portfolio. It is clear that earlier investments made by both ABS-CBN and FPH are now bearing fruit,” said Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona.
As of December 31, 2011, Lopez Holdings held a 60.3% economic interest in ABSCBN and 46.6% in FPH.
Recommend this article...