Lopez Holdings

 

Lopez Holdings 2010 attributable income up 10.7%
Lopez Holdings Corporation (PSE: LPZ), formerly Benpres Holdings Corporation, posted P13.175 billion in net income attributable to equity holders of the Parent in 2010. The amount is 10.7% higher than the P11.901 billion reported in 2009.

ABS-CBN Corporation, which is consolidated in Lopez Holdings financial statements, had a record performance in 2010. It registered a net income of P3.179 billion, up 87% year-on-year as total revenues grew 30% from 2009 to P32.185 billion.

Equity in net earnings increased by 164.8% to P11.118 billion from P4.198 billion, as affiliate First Philippine Holdings Corporation (FPHC) reported a net income attributable to equity holders of the Parent of P24.850 billion. FPHC completed the sale of a 6.6% stake in Meralco in March 2010. FPHC’s consolidated revenues reached P64.3 billion in 2010, with sale of electricity accounting for 82%.

“FPHC investees in power generation and even in manufacturing are expected to provide stable income streams in the medium term. ABS-CBN is adapting well to the competitive environment in its industry and is continuously innovating to achieve further growth. Lopez Holdings will continue to support its associated companies to enhance value and provide balanced returns to all stakeholders,” said Lopez Holdings president Salvador G. Tirona.

In 2010, Lopez Holdings reported a gain on extinguishment of debt of P446 million compared to the gain of P7.522 billion in 2009. The gain on extinguishment of debt is due to the debt buyback made by the Company for 2010 and 2009. As part of its efforts to restructure its existing financial obligations, Lopez Holdings, subject to availability of cash, has an offer to buyback its debt at a discount to principal.

As of December 31, 2010, Lopez Holdings held a 57.3% economic interest in ABS-CBN and 44.3% 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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