Lopez Holdings

 

Benpres benefits from lower debt
Benpres Holdings Corporation (Benpres) benefited from lower debt levels, posting a net income attributable to equity holders of the parent of P10.9 billion in the first three quarters of 2009. This is a reversal of the P841 million net loss attributable to equity holders of the parent posted in 9M08.


The net income is largely due to the one-time gain of P7.5 billion from the extinguishment of debt. On August 21, 2009 the company bought back its own debt from Avenue Capital Group, in the principal amount of US2 million and P467 million, respectively, at an overall price of 65% of face value. The purchase price was settled in full.

Thus as of September 30, 2009, Benpres’ outstanding debt was down to P3 billion from P16 billion as at December 31, 2008. With the debt buyback, interest and other expenses-net was 16% lower for 9M09.

Benpres president Angel S. Ong said the significant reduction of the company’s debt augurs well for the publicly listed conglomerate, which controls ABS-CBN Broadcasting Corporation and First Philippine Holdings Corporation. “Lower debt levels mean the company is now poised to shift from a defensive position to a growth-oriented mode in support of the power group’s focus on developing clean and renewable energy sources; and ABS-CBN’s direction to expand its services and reach more Filipinos globally.”

The company reported unaudited consolidated revenues of P25.870 billion in the in the first nine months of 2009, 55% higher than P16.707 billion in the same period last year.

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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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