Lopez conglomerate’s profit soars to P6B
Lopez Holdings Inc. reported a 65 percent jump in net profit last year to P6.19 billion, mainly due to the partial recovery of impairment loss from its investment in telecommunications.
Last July, the Lopez-led conglomerate sold Bayan Telecommunications Holdings Corp. to the Ayala family’s Globe for about P1.83 billion.
Consolidated revenues, however, fell three percent to P96.51 billion as earnings contributions from power holding firm First Philippine Holdings declined.
Broadcasting firm ABS-CBN Corp., meanwhile, chalked up a net income of P2.54 billion last year or an increase of 25 percent from the year before as it ruled nationwide TV ratings and kept its dominance in the primetime block.
Revenues of Skycable likewise increased four percent to P8.1 billion, driven by its broadband business which grew 30 percent. Sky maintained its cable TV subscriber count while its broadband business saw a 45 percent growth in the number of subscribers.