Lopez Holdings books 123% profit surge

ABS-CBN's main entrance located at Sgt. Esguerra avenue in Quezon City —EDWIN BACASMAS

Lopez Holdings Corp. more than doubled its profit last year to P6.34 billion as media giant ABS-CBN Corp. cut its losses, offsetting declines at the holding firm’s subsidiaries.

In its annual report, Lopez Holdings, whose main businesses are power and media, said its bottom line had surged by 123 percent from P2.85 billion the previous year.

Its net equity share in the net losses of ABS-CBN declined by 79 percent to P1.1 billion. The conglomerate owns 53.55 percent of ABS-CBN.

Meanwhile, revenues were flat at P2.16 billion.

Broken down per business unit, First Philippine Holdings (FPH) recorded a 5-percent dip in its net income to P14.32 billion due to lower gains from the power segment, First Gen Corp.

FPH’s revenues were up by 1 percent to P167.11 billion.

Meanwhile, First Gen’s bottom line last year slipped by 19 percent to $253 million on lower revenues and higher interest expenses.

Revenues of First Gen, which supplies at least a fifth of the country’s electricity needs via its natural gas power plants, dipped by 3 percent to $2.41 billion.

Last year, the company secured a P20-billion loan to buy the 165-megawatt Casecnan hydroelectric power plant.

First Gen subsidiary Fresh River Lakes Corp. (FRLC) won the bid to take over ownership of the power plant in May 2023. Apart from the facility, FRLC also acquired the switchyard, administration complex, guest house and roads from the national government.

Inflow of rice imports to Philippines ebbed by 24%

Last month, FPH obtained a P10-billion loan from BDO Unibank Inc. amid plans to focus on geothermal expansion this year via renewable energy unit Energy Development Corp.

The 10-year term loan agreement with the Sy family-led bank would be used to fund general corporate purposes and “other working capital requirements.”

At the same time, ABS-CBN slashed its net loss last year by 55 percent to P4.37 billion on the back of lower production costs and other expenses following a round of layoffs.

Content and production and distribution revenues, meanwhile, climbed by 6 percent to P11.94 billion.