Lopez Holdings

 

Lopez Holdings 1H 2010 income 24x higher
Lopez Holdings Corporation (PSE: LPZ), formerly Benpres Holdings Corporation, reported P11.376 billion in net income attributable to equity holders of the Parent for the first six months of 2010. The amount is 24x the P475 million net income attributable to equity holders of the Parent in the comparable period of 2009.

Equity in net earnings of associates soared 22x to P10.641 billion from P474 million year-on-year (YoY) as associate First Philippine Holdings Corporation (FPHC) completed the sale of a 6.7% stake in Meralco in the first quarter of 2010. Meanwhile, net finance costs decreased by 23% to P564 million from P730 million due to lower debt levels, following a significant buyback in August 2009.

Unaudited consolidated revenues of P16.839 billion in the 1H2010 was an increase of 44% over the P11.686 billion posted in 1H2009, and reflects the strong performance of associate ABS-CBN Broadcasting Corporation. ABS-CBN reported a 44% YoY increase in consolidated revenues and a 179% jump in net income attributable to equity holders of the Parent, on the back of strong advertising minutes growth for flagship TV station, Channel 2.

FPHC reported a net income attributable to parent of P24.912 billion, driven by the P23.6 billion combined gain on the sale of Meralco shares to Beacon Electric Asset Holdings, Inc. and the mark-to-market restatement of its remaining 6.6% stake in Meralco. FPHC’s Meralco shares are now carried in its financial statements as “Available–for-Sale (AFS) Financial Assets” which will then be adjusted on a regular basis for changes in the market price of Meralco.

“Without the gain on sale, FPHC’s net income attributable to parent for the first semester would have been P1.3 billion which is significantly higher than last year’s restated net profit of P849 million due to the surge in earnings contribution of its subsidiaries. This tells us that investments made in earlier years by FPHC, and by ABS-CBN for that matter, are now giving us the expected returns. With their strategic directions clearly set at the operating company level, we know that both FPHC and ABS-CBN can sustain their solid performance for the rest of the year,” said Lopez Holdings president Salvador G. Tirona.

As of December 31, 2009, Lopez Holdings held a 57% economic interest in ABS-CBN and 42% in FPHC.

About Lopez Holdings
Lopez Holdings Corporation, formerly Benpres Holdings Corporation, was incorporated in 1993 by the Lopez family to serve as the holding company for investments in major development sectors such as broadcasting and cable; telecommunications; power generation and distribution; and banking. It added to its portfolio, investments in other basic service sectors but has since sold its interest in banking, toll roads, information technology, property development and health care delivery.

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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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