First Philippine HoldingsFirst Philippine Holdings Corporation (FPH) reported a 26% decrease in net income attributable to equity holders of the parent to P5.0 billion from P6.8 billion in 1H19. It reported a 21% decrease in revenues to P53.9 billion from P67.9 billion.

Sale of electricity accounted for 89% of revenues in 1H20 compared to 86% of revenues in 1H19. Lower revenues from all business units and higher costs that include one-off expenses related to the group’s COVID-19 response accounted for the results.

On a recurring net income basis, FPH recorded earnings of P10.2 billion, 21% lower than last year’s P12.9 billion.