MANILA, Philippines - Lopez Holdings posted P877 million in net income attributable to equity holders of the parent in the first three months of 2014.
This was 12 percent lower than the P1 billion net income it posted a year ago, due to a 32 percent increase in finance costs at the level of business units associated with First Philippine Holdings Corporation (FPH).
Lopez Holdings said unaudited consolidated revenues were up 5 percent to P23.56 billion in the January to March period from P22.463 billion during the same period last year.
This was driven by higher revenues from contracts and services generated from construction projects of FPH unit First Balfour, Inc. and revenues from sale of merchandise from transformer sales the First Philec group also under FPH.
"Our investees FPH and ABS-CBN continue to perform well, overcoming operational challenges in their bid to strategically expand their portfolio. We believe their new assets will provide new and improved revenue streams in the medium term,” said Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona.
ABS-CBN reported its net income jumped 7 percent to P538 million in the January to March period, driven by strong performance of its film business, global distribution, and pay TV networks.
However, Lopez Holdings' economic interest in ABS-CBN fell to 56% from 60%, with the entry of a strategic and financial partner last year.
First Philippine Holdings reported a 42% decline in net income attributable to equity holders of the Parent to P1.029 billion in the first quarter of 2014.
ABS-CBN Corp. is the parent of ABS-CBNnews.com