MANILA, Philippines - Lopez Holdings on Wednesday said its attributable net income hit P1.943 billion in 2013.
The company said this was 55 percent lower than the P4.294 billion in net income attributable to equity holders of the parent in 2012 due to the absence of one-time gains. In 2012, subsidiary First Philippine Holdings Corporation (FPH) had sold a 2.66% stake (30 million shares) in Meralco and recorded a gain on business combination following the listing of Rockwell Land Corporation.
Lopez Holdings said consolidated revenues fell 6 percent to P94.624 billion in 2013 from P100.731 billion (as restated). The drop in revenues was attributed to FPH's 8 percent decline in the sale of electricity and 61 percent drop in sale of merchandise.
In May 2013, a fire hit San Lorenzo Power Plant, damaging its main transformer and halving its production. The transformer was replaced before the end of 2013.
"The decision of FPH unit First Gen Corporation to fly in the replacement transformer, even if it required hiring the world’s largest aircraft, showed its solid commitment to providing sufficient, safe and reliable electricity to its customers. Meanwhile, ABS-CBN reported strong revenues from both regular and election-advocacy advertising in 2013, which was a mid-term election year. We expect stable operations from both FPH and ABS-CBN this year, before their investments in new ventures gain traction in 2015 to 2016,” said Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona in a statement.
Lopez Holdings owned 46% of FPH and held a 56% economic interest in ABS-CBN, as of end-December 2013.
Leading media and entertainment company ABS-CBN Corp. reported a 25 percent increase in its net income in 2013 on the back of election-related spending. ABS-CBN posted a net income of P2.028 billion in 2013, as revenues jumped 15 percent to P33.4 billion.
ABS-CBNnews.com is the news website of ABS-CBN Corp.