Lopez Holdings reported P2.291 billion in net income attributable to equity holders of the Parent for the first quarter of 2019. This is 108% higher than the P1.104 billion in net income attributable to equity holders of the Parent reported in the first quarter of 2018, on account primarily of better financial results of the energy group under associate First Philippine Holdings Corporation, lower foreign exchange losses, as well as better ABS-CBN earnings during the period.
Unaudited consolidated revenues increased by 19% year-on-year (YoY) to P32.770 billion from P27.565 billion.
FPH posted an 87% increase in net income attributable to equity holders of the parent while ABS-CBN Corporation registered a 120% increase in net income during the period. Forex losses on FPH group’s consolidated foreign currency-denominated debt fell to P5 million from P881 million during the comparative period. ABS-CBN recorded a 22% increase in advertising revenues.
As of March 31, 2019, Lopez Holdings owned 49% of FPH and 56% economic interest in ABS-CBN.
About Lopez Holdings
Lopez Holdings Corporation (PSE:LPZ) was incorporated in 1993 by the Lopez family to serve as the holding company for investments in major development sectors. It is the controlling shareholder of publicity listed ABS-CBN Corporation (PSE: ABS, ABSP) and First Philippine Holdings Corporation (PSE: FPH, FPHPC).