The listed holding companies of the Gotianun, Lopez and Lucio Co families reported double-digit first quarter earnings on healthy contributions from core businesses.
Filinvest Development Corp. of the Gotianun family said in a disclosure to the stock exchange first-quarter net income jumped 21 percent to P2.2 billion over the same period last year.
The conglomerate said the profit was led largely by the strong performance of its banking subsidiary EastWest Bank, which posted a record first-quarter net income of P787 million, up 31 percent year-on-year, and real estate unit Filinvest Land Inc., which booked a six percent net income growth to P1.3 billion.
The group’s total revenues rose 11 percent to P14.2 billion,with the bulk of revenues coming from the real estate business, which accounted for 35 percent, and the banking group which contributed 40 percent.
The balance was contributed by the sugar, 12 percent; power, 11 percent; and hotels, 2 percent.
Lopez Holdings Inc., the listed holding company of the Lopez Group, reported a 24-percent increase in first quarter net income to P1.35 billion, driven by the steady performance of First Philippine Holdings Corp. and ABS-CBN Corp.
Lopez Holdings’s unaudited consolidated revenues, however, fell 11 percent year-on-year to P22.721 billion from P25.252 billion, primarily due to decreases in the sale of electricity.
Cosco Capital Inc., the retail holding firm of Lucio Co, booked a record net income to equity holders of P1.08 billion in the first quarter of 2016, up 12 percent from P965 million in the same period of 2015.
“Our company is well positioned to capture the growth from the strong consumer demand and we believe that we can achieve another record year of profits in 2016,” Cosco president Leonardo Dayao said.
Cosco’s consolidated revenues in the first quarter of 2016 amounted to P28.79 billion, up 12 percent versus P25.63 billion in the same period last year.
The group’s retail business segment from Puregold, the second largest grocery retailer in the Philippines, and S&R contributed 86 percent to the total revenues, followed by specialty retail from Liquigaz, the second largest LPG player in the Philippines, and Office Warehouse at nine percent. The liquor distribution and real estate leasing business units contributed the rest.