Business

Lopez Holdings H1 profit nosedives with ABS-CBN closure

Power and media-based conglomerate Lopez Holdings Inc. saw its net income plunge by 93% to P275 million, dragged down by lower revenues from all business units, particularly ABS-CBN, as well as higher costs.

Power and media-based conglomerate Lopez Holdings Inc. saw its net income plunge by 93% to P275 million, dragged down by lower revenues from all business units, particularly ABS-CBN, as well as higher costs.

The decline was also attributed to the one-off expenses related to the group’s COVID-19 response and share in the net loss reported by ABS-CBN Corp.’s media and entertainment businesses.

Consolidated revenues fell 21% to P53.88 billion as First Philippine Holdings Corp. (FPHC) posted slower electricity sales. The group’s real estate business likewise suffered a 52% drop in sales.

FPHC reported a 26% drop in net income to P5.02 billion as revenues fell 21% to P53.88 billion.

ABS-CBN swung to a P3.93 billion loss during the period, largely due to the cease and desist order issued by the government. Revenue fell 36% to P13.32 billion.

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