MANILA -- Lopez Holdings said Wednesday net income in the January to March period double from the same period in 2018, citing better earnings from ABS-CBN Corp among others.
Net income attributable to shareholders rose to P2.29 billion in the first quarter from P1.10 billion during the comparable period in the previous year, Lopez Holdings told the stock exchange.
Net income at ABS-CBN, the Philippines' largest media and entertainment company, grew 120 percent, Lopez Holdings said. Advertising revenues rose 22 percent.
ABS-CBN has been "exceeding" many of its targets in the January to March period after a "very challenging" 2018, wherein industry-wide TV ad revenues fell an estimated 6 percent, President and CEO Carlo Katigbak told an annual stockholders' meeting last April 25.
"We are well-positioned for a rebound," Katigbak said."We are confident that there will be a full recovery of our profitability this year."
First Philippine Holdings' net income grew 87 percent, the holding firm said. Forex losses on debt at FPH shrank to P5 million from P881 million.
As of March 31, 2019, Lopez Holdings owned 49 percent of FPH and has a 56-percent economic interest in ABS-CBN.
News.abs-cbn.com is the official news website of ABS-CBN Corp.