First Philippine Holdings Corporation (FPH) reported a net income attributable to equity holders of P2.117 billion, lower by 91% from P24.850B in 2010. Net earnings in 2010, however, include the P23.558B gain on the sale of a 6.6% stake in Meralco.
FPH affiliate First Gen Corporation, which in 2010 accounted for 82% of FPH revenues, posted a 50% year-on-year (YoY) drop in net income attributable to parent of $35.0 million from $70.2M. This was primarily due to the lower income contribution of First Gen affiliate Energy Development Corporation, which recorded a loss attributable to equity holders of the parent in the amount of P167.2M compared to an attributable net income of P4.116B in 2010.
Removing the effects of the one-off gain on sale of Meralco in 2010 and impairment losses reported in both years 2010 and 2011, FPH recurring net income would be P3.4B, versus P1.5B the previous year.
Consolidated revenues improved by 6% YoY to P70.315B from P64.285B. Sale of electricity accounted for 83% of FPH revenues.
FPH president Elpidio L. Ibañez said, “Recurring income remains on the upward trend. We will continue to focus on operations and synergies among the various businesses.”
Recommend this article...