Network closure hits Lopez Holdings H1 results

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    Lopez Holdings Inc. said profit for the first half of the year reached P275 million, down 93 percent from last year’s P4.181 billion.

    “Lower revenues from all business units and higher costs that include one-off expenses related to the group’s COVID-19 response and share in the net loss reported by ABS-CBN’s media and entertainment businesses accounted for the results,” the company said.

    Lopez Holdings said revenues reached P53.88 billion, down 21 percent from P67.913 billion the prior year.

    “Operating companies held by investee First Philippine Holdings Corp., experienced slower sales of electricity; real estate; contracts and services; and sale of merchandise,” the company said.

    Unit First Philippine Holdings reported a profit of P5.02 billion, down 26 percent from P6.754 billion last year. It reported a revenue of P53.88 billion, down 21 percent from P67.913 billion.

    Sale of electricity accounted for 89 percent of revenues.

    ABS-CBN booked a P3.93-billion loss compared with a P1.47-billion profit the prior year.

    Revenues were at of P13.317 billion, down 36 percent from P20.802 billion last year.

    Ad sales accounted 39 percent of ABS-CBN revenues this year, compared to 54 percent.

    ABS-CBN ceased use of government-assigned broadcast frequencies on May 5, 2020 in compliance with a National Telecommunication Commission order. Its legislative franchise was effective until May 4, 2020.