Lopez Holdings Attributable Net Income at PhP1.042B

Pasig—(PHStocks)—Lopez Holdings Corp. (PSE: LPZ) reported PhP1.042 billion in net income attributable to equity holders of the parent for the first quarter of 2017. This is 19% lower than the PhP1.291 billion in net income attributable to equity holders of the parent reported in the first quarter of 2016, on account primarily of forex losses during the period.

Unaudited consolidated revenues increased by 12% yearon-year to PhP25.422 billion from PhP22.726 billion.

First Philippine Holdings Corp. (PSE: FPH) posted a 6% decrease in net income attributable to equity holders of the parent while ABS-CBN Corp. (PSE: ABS) registered a 59% decrease in net income during the period.

Unfavorable forex movement during the period partially offset the effect of growth in the recurring earnings of the FPH Group. Excluding forex and other nonrecurring items, attributable earnings of FPH increased by 12%. ABS-CBN ad revenues decreased by 13% while total costs and expenses increased by 3%.

As of March 31, 2017, Lopez Holdings owned 46% of FPH and 56% economic interest in ABS-CBN.