Lopez Holdings swings to P2.6-B loss on units’ weak showing
LOPEZ Holdings Corp. told the exchange on Monday that it incurred a P2.63-billion net loss attributable to equity holders of the parent in 2020, a turnaround from the P5.32 billion generated in profits from the previous year.
“The results were due to the weaker performance of operating units under investee First Philippine Holdings Corp. (FPH), a consequence of the economic slowdown due to COVID-19 quarantine measures, as well as, the net loss posted by investee ABS-CBN Corp.,” Lopez Holdings said in a disclosure.
FPH recorded a 22% drop in net attributable income to P9.9 billion from P12.58 billion in 2019 due to a decline in its revenues.
First Philippine Holdings’ recurring income for the year also dipped by 21% to P9.4 billion due to weaker operating results in its energy, real estate, and construction and energy service segments as the government imposed pandemic restrictions.
FPH posted a 20% topline fall to P107.3 billion.
Meanwhile, ABS-CBN is still reeling from the rejection of its broadcasting franchise last year.
The media giant incurred a P7.25-billion net loss attributable to equity holders of the parent company for the period ending September 2020. ABS-CBN has yet to release its annual report.
Shares of Lopez Holdings closed unchanged at P3.30 apiece on Monday. — Keren Concepcion G. Valmonte