Lopez Holdings

 

FPH posts loss on EDC impairment
For the first half of 2011, First Philippine Holdings Corporation (FPH) posted an unaudited net loss attributable to Parent of P284 million, a decrease from last year's net income of P24.9 billion.

The loss was largely due to the Energy Development Corporation's (EDC) P5.0 billion impairment charge for its Northern Negros Geothermal Power Plant. In a press statement, EDC said that the impairment charge is a "non-cash" item and will not affect its ability to declare dividends. [EDC is a subsidiary of First Gen Corporation which, in turn, is a subsidiary of FPH.

However, recurring income is still positive at P1B, though lower by P208 million or 17% from last year's P1.2 billion, due to the decrease in earnings contribution of subsidiaries and associates.

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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

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