First Philippine HoldingsThe First Philippine Holdings Corporation (FPH) Group reported P3.2 billion in net income attributable to equity holders of the parent for the first three months of 2020.

This is 15% lower than the P3.8 billion in net income attributable to equity holders of the parent reported in the first three months of 2019. The decrease mainly reflects the decline in operating income coupled with lower nonrecurring gains recognized during the period, mainly due to lower insurance claim proceeds of Energy Development Corporation.

Excluding nonrecurring items, recurring net income attributable to equity holders of the parent declined by P489 million, from P3.7 billion to P3.2 billion.

Consolidated net income for the period is P6.0 billion, P1.2 billion or 17% less than the 1Q 2019 net income of P7.2 billion. This is primarily due to lower operating profits following the decline in the group’s total revenues.

On a recurring net income basis, the group reported earnings of P6.1 billion, also lower by P785 million or 11% compared to last year’s P6.8 billion, also reflecting the decline in operating profits.

Consolidated revenues for the period ended March 31, 2020 declined by P3.5 billion or 11% from last year’s P32.8 billion to P29.3 billion due to lower electricity and real estate sales, even as revenues from contracts and services and from sale of merchandise increased.