Manila–(PHStocks)– Lopez Holdings (PSE: LPZ) reported a 94% increase in net income attributable to equity holders of the Parent in 2014 to PhP3.760 billion, from PhP1.943 billion in 2013.
The strong performance of First Philippine Holdings Corporation (PSE: FPH) and associates accounted for the growth.
Consolidated revenues increased by 7% to PhP100.654 billion from PhP94.Z69 billion, as-FPH subsidiaries contributed to higher revenues. ABS-CBN Corporation net income was flat compared to 2013, but surged 42% in 2014 after stripping out the effects of election-related advertisements the previous year.
“The favorable ﬁnancials of Lopez Holdings for 2014 is the result of the strong full year performance of its associates. FPH and ABS-CBN will continue to be in investment mode and pursue the strategic initiatives that we have been mapped out in the medium term,” said Lopez Holdings president, chief operating officer and chief finance officer Salvador G. Tirona.
As of December 31, 2014, Lopez Holdings held a 56% economic interest in ABS-CBN (PSE: ABS) and owned 46% of FPH.