Lopez-led First Philippine Holdings Corp. (FPH) on Tuesday said it disposed of its minority holdings in materials handling equipment provider MHE-Demag (P) Inc. to its Singaporean partner in the company.
In its disclosure, FPH said it sold the Philippine unit of MHE-Demag to its co-shareholder MHE-Demag (S) Pte. Ltd. for P85 million. FPH had a 25-percent stake in the equipment provider.
MHE-Demag mainly provides material handling in the region. It has 1,700 employees, 300 service vehicles, more than 70 strategically located branches in the region and 11 manufacturing plants.
The company engineers, manufactures and maintains a range of industrial cranes and hoists, warehousing equipment, such as lift trucks and dock levelers, aerial work platforms, building maintenance units for safe working at heights, compact construction equipment, as well as automated car parking systems, according to its web site.
FPH posted an 87-percent increase in attributable net income to P3.75 billion for the first quarter of the year, from P2 billion last year.
Revenues rose 19 percent to P32.77 billion for the period, from P27.565 billion last year. Sale of electricity accounted for 86 percent of revenues for the period. Net foreign-exchange losses were almost wiped out to P5 million, from P881 million last year.