Lopez Holdings

 

Lopez Holdings 9M attributable net income at P4.096 billion
The successful tender offer of Lopez Holdings Corporation (PSE: LPZ) in August 2011 for some US million in un-restructured debt cushioned the impact of relatively weaker financial results of investees for 9M2011. LPZ recorded P2.1 billion as reversal of accrued interest on debt, following the acceptance of tenders for 82% of the targeted amount.

LPZ posted P4.096 billion in net income attributable to equity holders of the Parent for the first nine months of 2011. This is 69% lower than the P13.035 billion net income attributable to equity holders of the Parent in the first nine months of 2010. The 9M2010 results include LPZ’s share in the gain on sale of Meralco (PSE: MER) shares by associate First Philippine Holdings Corporation (PSE: FPH).

Unaudited consolidated revenues decreased by 15% year-on-year to P21.125 billion from P24.742 billion, on account of lower 9M2011 results for ABS-CBN Corporation (PSE: ABS), absent election-related advertising in 1H2010. The attributable net income of ABS for 9M2011 was 26% lower YoY at P2.240 billion, inclusive of a P825 million gain on sale of SkyCable Philippine Depositary Receipts.

LPZ declared a P0.10 per share cash dividend in September 2011.

“With the success of our tender offer, LPZ looks forward to normal operations and should be better able to provide support to investees in the coming years,” said Lopez Holdings president Salvador G. Tirona.

About Lopez Holdings
Lopez Holdings Corporation (PSE: LPZ), formerly Benpres Holdings Corporation, was incorporated in 1993 by the Lopez family to serve as the holding company for investments in major development sectors. It is the controlling shareholder of publicly listed ABS-CBN Corporation (PSE: ABS, ABSP) and First Philippine Holdings Corporation (PSE: FPH, FPHP).

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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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