INQUIRER.net: Lopez Holdings posts 74% drop in 1H profit

INQUIRER.net Philippine News for Filipinos

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Lopez Holdings posts 74% drop in 1H profit Aug 15th 2013, 01:13 MANILA, Philippines--Conglomerate Lopez Holdings saw a 74-percent fall in first semester net profit to P1.42 billion in the absence of one-time gains that enlarged earnings in the comparative period last year. The holding firm's bottom-line was weighed down by First Philippine Holdings Corp. (FPH) whose six-month net income attributable to parent equity holders shrunk to P1.9 billion versus the P10.4 billion net profit in the same period last year. FPH sold additional shares in utility Manila Electric Co. equivalent to a 2.66 percent stake in January 2012 and likewise recorded a gain on business combination following the listing of property unit Rockwell Land Corp. in May 2012. ... Keep on reading: Lopez Holdings posts 74% drop in 1H profit Media files: lopez-holdings.jpg (image/jpeg)

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