Lopez Holdings posted a net income of P2.251 billion for the first nine months of 2021, a reversal of the P491 million in losses during the same period a year ago.

In a stock exchange filing on Monday, November 15, Lopez Holdings said the improved figures were mainly due to a recovery in the businesses of units under First Philippine Holdings Corporation (FPH), coupled with the smaller net loss of ABS-CBN Corporation.

FPH, which has businesses in power and properties, reported a 16% increase in net income to P8.497 billion from P7.295 billion. 

FPH saw a 17% increase in revenues to P92.3 billion from P79 billion.

Meanwhile, ABS-CBN booked a net loss of P3.78 billion from January to September 2021, 48% smaller than the net loss of P7.3 billion in the same period in 2020.

The Kapamilya network’s revenues stood at P12.7 billion, 25% lower than the P17 billion a year ago.

ABS-CBN is currently producing content mainly for digital platforms after Congress denied its franchise renewal in 2020. – Rappler.com