MANILA, Philippines – Earnings of Lopez Holdings Corp. nearly doubled in the first 9 months of 2012 from a year ago, due to a one-time gain from the sale of shares in a utility company and the strong performance of its media unit.
In a statement released by the company on Thursday, November 15, Lopez Holdings stated its net income attributable to equity holders of the parent for the January to September period rose 76% to P6.185 billion from P3.513 million last year.
The company said this was primary due to a sixteenfold increase in equity in net earnings of associates to P5.307 billion from P305 million in 2011. The increase followed unit First Philippine Holdings Corp.'s sale of a 2.66% stake in Manila Electric Co. in January this year.
Lopez Holdings said it also saw a 13% increase in its unaudited consolidated revenues from last year to P24.017 billion, thanks to higher contributions from media unit ABS-CBN Corp., which hiked its advertising rates.
Lopez Holdings holds 46.6% interest in First Philippine Holdings, 60.3% in ABS-CBN, and 47.3% in telecommunications firm Bayan Telecommunications Holdings Corp. - Rappler.com