Forex losses pull down Lopez profits from First Holdings
Lopez-led energy holding firm First Philippine Holdings Corp. reported a four percent drop in its 2015 profit due to foreign exchange losses.
Net earnings fell to P5.4 billion from P5.6 billion as the improvement in operating margins were reversed by the impact of unrealized foreign exchange losses amounting to P1.5 billion and the absence of last year’s non-recurring gain on the recovery of impairment of Energy Development Corp.’s P2.1 billion plant.
On a recurring income basis, FPH’s net income rose 11 percent to P5.2 billion, driven by the stronger performance of the power generation, manufacturing and geothermal well drilling businesses. Lower operating expenses likewise boosted earnings.
The group ended 2015 with total assets of P340.9 billion as against liabilities of P213.4 billion.
Meanwhile, the company has appointed Sunlife president and CEO Rizalina Mantaring as independent director. She is is also the chair of nine Sun Life Prosperity Funds as well as chairman and president of the Sun Life Financial-Philippines Foundation.