Lopez Holdings

 

First Holdings: Moving Forward Today for Tomorrow

First Philippine Holdings Corporation (First Holdings) held its annual stockholders' meeting today at the Meralco Theater in pasig City. The meeting was presided by First Holdings' Chairman and CEO Oscar M. Lopez.

In his message, Mr. Lopez explained how the global financial and economic crisis hampered the Company's capital-raising efforts and necessitated it to sell its entire stake in the toll roads business as well as a major part of its investment in Manila Electric Company (Meralco). Mr. Lopez was confident that First Holdings will emerge from this period uniquely positioned to take on the formidable challenges ahead. During the meting, he explained to the shareholders how the company continues to focus on creating value by its emphasis on "clean and renewable" alternatives throughout its business portfolio. Mr. lopez said, "I am absolutely encouraged by the great (value) potential of First Holdings as a total energy company, a leader not just in power generation, but in the development and use of clean and renewable sources of energy - our energy for future."

Mr. Elpidio L. Ibanez, President and COO, stated n his message to the shareholders that the company had to make difficult but necessary decisions to realign its portfolio and strengthen its balance sheet. Moving forward, "First Holdings will continue to devote efforts in paring down debt and restoring financial strength and flexibility, while focusing on growing our investments in First Gen Corporation, through EDC (Energy Development Corporation), explained Mr. Ibanez.

For the first quarter of 2009, First Holdings recorded a net income of P2.2 billion, flat versus the same period last year. Earnings attributable to equity holders of the parent was P178 million, 33% lower against 2008. The decline was due to the absence of revenues from the toll roads business which First Holdings sold late last year. Likewise, this quarter's result were down due to a one-time gain on arbitral award to EDC last year, as well as derivative losses and high finance cost. Nevertheless, First Holdings benefited from foreign exchange gains this year, a reversal from last year's foreign exchange losses.

Reference: Benjamin R. Lopez (  This email address is being protected from spambots. You need JavaScript enabled to view it. )

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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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