By James A. Loyola

Lopez Holdings Corp. reported a 23 percent hike in attributable net income to P2.17 billion for the first six months of 2018 from the P1.76 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said “the stable performance of the energy group under associate First Philippine Holdings Corporation (FPH) accounted for the results.”

Unaudited consolidated revenues increased by 14 percent year-on-year (YoY) to P58.67 billion from P51.48 billion in the first half of 2017. FPH posted a 61 percent increase in attributable net income while ABS-CBN Corporation reported a 41 percent decrease in net income during the period.

Unfavorable foreign exchange movement during the period partially offset the effect of growth in the recurring earnings of the FPH Group. ABS-CBN revenues declined by 2 percent while expenses increased by 4 percent.

As of June 30, 2018, Lopez Holdings owned 47 percent of FPH and had a 56 percent economic interest in ABS-CBN.