Lopez Holdings Corporation announced a 39% increase in net profit attributable to P851 million for the first quarter of 2022 compared to P613 million earned in the same period last year.
In a statement to the Philippine Stock Exchange, the company said its investee First Philippine Holdings Corporation (FPH) reported stable earnings while ABS-CBN Corporation’s net loss for the period was estimated based on its performance in 2021.
Unaudited consolidated revenue increased 26% year-on-year (YoY) to 35.07 billion pesos from 27.87 billion pesos.
All revenue items were generated by units under FPH, as follows: sale of electricity (up 25%); real estate (down 4%); contracts and services (+7%) and sale of goods (+145%).
Unaudited consolidated costs and expenses increased by 41% to 28.15 billion pesos in the first quarter of this year, compared to 19.976 billion pesos in the same period of 2021.
The cost of selling electricity (up 49%), real estate (up 2%), contracts and services (up 7%), goods sold (up 145%) and general and administrative expenses (up 28%) reflect FPH and unit operations.
The loss from the investment accounted for using the equity method was estimated at P746 million (21% less) with ABS-CBN’s contribution based on its performance in the previous year.
All other income and expenses primarily reflect FPH’s accounts or those of its subsidiaries and affiliates, including finance costs (down 4%), finance income (up 12%), foreign exchange gains ( up 156%), dividend income (up 30%) and other net income (up 358%).
FPH recorded a 4% decline in attributable net profit to 3.3 billion pesos from 3.4 billion pesos in the first quarter of 2021.
It reported a 26% increase in revenue from 27.87 billion pesos to 35.07 billion pesos. Electricity sales accounted for 83% of revenue in the first quarter of 2022, the same level in the first three months of last year.
ABS-CBN’s contribution to the parent company was estimated based on its performance in 2021. It reported an unaudited net loss of 1.95 billion pesos in the first quarter of 2021 on revenue of 3.92 billion. of pesos.
“For the reporting period, the financial performance of the investees was in line with expectations, fully acknowledging the economic impact of quarantine restrictions and the non-renewal of the ABS-CBN franchise,” Lopez Holdings said.
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