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Friday, March 29, 2024

Lopez Holdings bares net income of P6.6b

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Conglomerate Lopez Holdings Corp. said Tuesday net income rose 6 percent in 2016 to P6.55 billion from P6.1 billion in 2015 despite a 5-percent drop in revenues.

Lopez Holdings said in a disclosure to the stock exchange consolidated revenues decreased 5 percent last year to P91.91 billion from P96.51 billion in 2015, because of lower electricity sales by power arm First Gen Corp.

Lopez Holdings, formerly Benpres Holdings Corp., has investments in sustainable energy development, infrastructure, property development, green manufacturing and broadcasting.

Lopez Holdings said First Philippine Holdings Corp. reported an 84-percent increase in net income attributable to equity holders to P9.933 billion, boosted by arbitration settlement proceeds and collection of liquidated damages.  Lopez Holdings owned 46 percent of FPH and 56 percent of broadcast unit ABS-CBN Corp. as of end-2016.

ABS-CBN reported a 39-percent increase in net income to a record P3.525 billion last year, boosted by election-related advertising revenues. 

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Lopez Holdings reported that it received P880 million in cash dividends from major investees in 2016, including P365 million from ABS-CBN and P515 million from FPH. 

This is higher than P800 million in cash dividends received in 2015.

Consolidated costs and expenses decreased 10 percent to P67.408 billion from P74.670 billion, reflecting essentially the decrease in the costs of sale of electricity.

Lopez Holdings had $5 million in direct obligations as of end-2016.

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