Lopez Holdings

 

FPHC posts drop in first quarter profit First Philippine Holdings Corporation (FPHC) attained a consolidated net income of P458 million, 48% lower compared to P874 million for the same period last year.

This income shortfall was due basically to the share in the net loss of its associate, Manila Electric Company (Meralco), brought about by Meralcos provisioning for possible losses regarding its unbundling rate case currently pending with the Supreme Court. Without the net loss uptake at P549.5 million, FPHCs net income would have been better than that for the same period for last year.

The companys revenues grew by 16% to P11 billion from P9.4 billion in the first quarter of 2004. This is attributed mainly to a major development, the start of commercial operations of Manila North Tollways Corporation last February 10. Revenues from toll operations amounted to P797.3 million.

First Holdings reported a 14% improvement in income from operations over last year from P2.083 billion to P2.375 billion. Income from operations reflects recurring income that came primarily from the power generation business. Revenues from the sale of electricity amounted to P9.7 billion, 10% higher than the revenues for last year.

The Philippine Ratings Services Corporation (PhilRatings) issued its PRS Aaa Rating for First Gens proposed P3 billion bond. PRS Aaa is the highest possible credit rating on PhilRatings national or domestic rating scale.

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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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