Conglomerate Lopez Holdings Corp. said Wednesday net income attributable to equity holders of the parent declined by 93 percent in the first half to P275 million from P4.18 billion in the same period last year.
Lopez Holdings said in a disclosure to the stock exchange the weak first-half performance was largely due to lower revenues from all business units, higher costs that include one-off expenses related to the group’s COVID-19 response and share in the net loss reported by ABS-CBN’s media and entertainment businesses.
First-half revenues also declined by 21 percent to P53.8 billion from P67.9 billion in 2019, it said.
Operating companies held by investee First Philippine Holdings Corp. experienced slower sales of electricity (-18 percent); real estate (-52 percent); contracts and services (-23 percent); and sale of merchandise (-26 percent).
Unaudited consolidated costs and expenses decreased by 21 percent to P40.635 billion from P51.300 billion.
First Philippine Holdings Corp. reported a 26-percent decline in net income to P5.018 billion as of end-June from P6.754 billion a year earlier as revenues went down by 21 percent to P53.880 billion from P67.913 billion. Sales of electricity accounted for 89 percent of first-half revenues, compared to 86 percent of revenues in 2019.
ABS-CBN booked a net loss of P3.93 billion in the first six months, a sharp reversal of the net income of P1.468 billion recorded in the same period last year after the government ordered it to stop broadcast operations on May 5.
ABS-CBN said revenues dipped 36 percent to P13.317 billion from P20.802 billion a year earlier as adverting revenues suffered a sharp decline in the second quarter following the issuance of cease and desist order against Chanel 2 by the National Telecommunications Commission.
Lopez Holdings did not receive any cash dividends from ABS-CBN in the first half.
Meanwhile, the Philippine Stock Exchange lifted the trading suspension on LHC after the company submitted its financial report.
