MANILA - Lopez Holdings Corp on Monday said its net loss attributable to equity holders for the year 2020 amounted to P2.625 billion.
"The results were due to the weaker performance of operating units under investee First Philippine Holdings Corp, a consequence of the economic slowdown due to COVID-19 quarantine measures, as well as, the net loss posted by investee ABS-CBN Corp," the company told the stock exchange.
The Philippines has imposed one of the world's longest and strictest lockdowns which started in March 2020. Mobility restrictions have dented revenues of companies which, overall, put the country in recession.
Gross domestic product (GDP) contracted by 9.6 percent in 2020. It has since started to pick up, posting a slower contraction of 4.2 percent in the first quarter of 2021.
ABS-CBN Corp, meanwhile, has been reporting losses after the National Telecommunications Commission ordered the shutdown of its free TV and radio channels in May last year after its franchise expired. Two months later, the House of Representatives denied the company's application for a renewal of its legislative franchise.