LOPEZ Holdings Inc. on Tuesday said it posted P6.55 billion in net income attributable to equity holders of the parent in 2016, 6 percent higher than the P6.19 billion it made in 2015.
The company said the steady performance of investees First Philippine Holdings Corp. (FPHC) and ABS-CBN Corp. accounted for these results.
FPHC reported an 84-percent increase in net income attributable to equity holders of the parent to P9.93 billion, boosted by arbitration settlement proceeds and collection of liquidated damages, among others.
ABS-CBN, meanwhile, reported a 39-percent increase in net income to a record-setting P3.52 billion, boosted by election-related advertising revenues.
Consolidated revenues, however, fell 5 percent year-on-year to P91.91 billion, from P96.51 billion, primarily due to the decrease in the sale of electricity of FPH subsidiary First Gen Corp.
As of end December, Lopez Holdings owned 46 percent of FPHC and a 56-percent economic interest in ABS-CBN.