Lopez Holdings

 

Statement of Benpres president Angel S. Ong on Benpres's turnaround: Benpres books profit on forex gains   Benpres Holdings Corporation president Angel S. Ong attributed the company's first quarter net income of P281 million (compared to the net loss of P144 million in the same period of 2004) to unrealized foreign exchange gains resulting from the appreciation of the peso against the dollar to P54.94 from P56.28.

This peso appreciation had a P264mn impact from the restatement of its US0mn Eurobonds and mn in guarantees from period to period.

In addition, the company did not make any provision during this quarter for losses on its investments and advances to its subsidiaries and affiliates. However, the company will continue to monitor the performances of its businesses to ensure that they fairly capture their recoverable values.

Core media investment ABS-CBN, registered a net loss of P114 million for the period from a net income of P124 million year-on-year. Its performance will also be monitored by Benpres given the heightened competition in the industry.

Associate First Philippine Holdings Corporation booked profits of P458 million for the period, 52% lower than its 2004 performance due to its share in the net loss of Meralco.

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Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009
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