The First Philippine Holdings Corp., the investment company of the Lopez Group, said Friday net income last year rose 19 percent to P15.1 billion on stronger results from its power generation and real estate businesses.
Even without one-off items, First Holdings said net profit last year was still up 8 percent to P13.8. billion. One-off items include proceeds from construction delays and insurance claims, and foreign exchange-related movements.
Group revenue, however, was down 3 percent year-on-year to P164.9 billion due mainly to the lower pass-through fuel revenue of the First Gen, the group’s power generation unit.
First Holdings said the decline in power generation revenue was tempered by improved sales booking and construction completion of residential projects as well as commercial leasing of Rockwelll Land, an upswing in earnings in industrial leasing and water utilities of First Philippine Industrial Park, and stable earnings from the distribution of transformers sold and higher sales from the new business products of First Philec.
