LOPEZ Holdings Corp. reported to the stock market on Monday that it had a net loss attributable to parent equity investors of P2.63 billion in 2020, a P5.32 billion profit the previous year.
“The results were attributed to the lower performance of operational units under investee First Philippine Holdings Corp. (FPH), a result of the economic slowdown caused by COVID-19 quarantine measures, as well as the net loss generated by investee ABS-CBN Corp.,” Lopez Holdings said in a statement.
Due to a decrease in sales, FPH’s net attributable income fell by 22% to P9.9 billion from P12.58 billion in 2019.
As a consequence of the government’s pandemic limitations, First Philippine Holdings’ recurring revenue for the year fell by 21% to P9.4 billion owing to lower operational performance in its energy, real estate, and construction, and energy service sectors.
FPH reported a 20% drop in revenue at P107.3 billion.
Meanwhile, ABS-CBN is still hurting from last year’s rejection of its broadcasting franchise.
For the fiscal year ended September 2020, the media conglomerate experienced a net loss of P7.25 billion attributable to parent company stock investors. ABS-annual CBN’s report is yet to be released.