May 16, 2013

Lopez holding firms post lower income in Q1


The two investment holding firms of the Lopez family recorded lower profits in the first quarter. First Philippine Holdings Corp. (FPHC) said its net income sank to P1.8 B from P5  B while Lopez Holdings Corp. reported a 64% YOY  drop in its profits to P1  B.

FPHC’s consolidated revenues hit P22.2 B, down 13% from P25.4 billion in the same period last year. But FPHC benefited from a 33% growth in real estate sales of Rockwell Land Corp. to P906 M. Last year,  FPHC and Lopez Holdings each booked a one-time gain of P6.1  B and P3.39 B, respectively, from the sale of a portion of its investment in power distribution giant Meralco. - WealthSec