Lopez Holdings


First Holdings’ recurring net income jumps to P1.3 B
First Philippine Holdings Corporation (First Holdings) posted a record high net income of P27.0 billion in the first half of the year, chiefly due to the gain from sale of Meralco shares, mark-to-market gains, higher finance income and lower finance costs.

Unaudited net income attributable to equity holders of the parent is P24.9 billion, significantly better against last year's P849 million. Basic earnings per share is at P41.605, while diluted earnings per share is at P41.450, both higher versus last year’s owing to the bottom line growth driven by continuing operations. Without the gain from sale of Meralco shares, net income attributable to parent amounted to P1.3 billion, better by 52% against last year.

Federico Lopez, First Holdings Chairman and Chief Executive Officer remarked, “We will continue to strengthen the strategic positioning of our businesses. Our unique business platform and portfolio is something we are extremely proud of. In the coming months we will be taking the necessary steps to deepen the synergies among our different subsidiaries and place them on an even stronger path towards growth and profitability."

Consolidated revenues for the period grew by P4.2 billion, 14% higher than 2009 to P34.2 billion, while costs and expenses of P 27.2 billion is also 14 % (P3.3 billion) higher versus last year.

Finance income was up by 75% to P574 million due to higher average cash balance of First Holding and First Gen available for short-term investments. Finance costs of P 3.2 billion were down by 11 % versus last year due to principal debt repayments.

Major subsidiaries and affiliates of First Holdings have significantly performed better this year. Leading power generation company First Gen, reported a strong first half, with its net income attributable to parent reaching million, compared to .4 million in 2009. The improved performance was driven by higher earnings of Energy Development Corporation, FG Hydro and First Gas Power Corporation.

First Holdings’ manufacturing subsidiary, First Philec, posted P70.5 million in net income for the period, significantly better than last year's P5.4 million due to the P60.9 million earnings contribution of First Philec Solar – a major reversal of the prior period’s loss of P22.3 million.

Rockwell Land, premium mixed use inner city developer, registered P385.8 million in net income for the first half, better by 17% against previous year due to construction developments in One Rockwell, and revenue contributions of new projects: Edades and The Grove. Cumulative sales in One Rockwell and The Grove already reached 99.6% and 81% respectively. The latest addition to Rockwell’s growing community is The Edades Tower and Garden Villas, an iconic 50-storey residential tower which will rise in Rockwell Center.

First Holdings construction subsidiary First Balfour, continues to pursue major prospects for 2010, as it close out its St. Lukes' Medical Center project in Bonifacio Global City. First Philippine Industrial Park’s net income amounted to P257.2 million, from P28.0 million last year. The growth in the bottom line came from land sales to Nestle and B/E Aerospace during the first quarter. Similarly, First Philippine Industrial Corporation, the country's largest pipeline operator, earned P120.4 million in net income for the first half, better by 13% against prior year.

On March 30, 2010, First Holdings completed the sale of its 6.6% stake in the Meralco to Beacon Electric Asset Holdings, Inc. First Holdings received payment of P300 per share or a total purchase price of P22.4 billion. In May 5, 2010, Energy Development Corporation, through Bac-Man Geothermal Inc., won the bidding for the 150-megawatt (MW) Bacon-Manito geothermal power plant in Bicol with an offer of .25 million. Last February 1 and August 2, 2010, First Holdings paid a total cash dividend of P8.7231 per share on the Series “B” Preferred Shares amounting to about P375.0 million. On June 7, 2010, the company also paid a cash dividend of P1.0 per share on the Common Shares amounting to about P596.0 million.

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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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