Tuesday, 18 May 2010

Benpres earns P11B in Q1

BusinessWorld
http://www.bworldonline.com/main/content.php?id=11110

PROFITS OF Lopez-led Benpres Holdings Corp. ballooned in the first quarter to P11 billion as a result of political advertisements in its broadcast unit as well as higher demand for energy.

The P11.023-billion net income attributable to equity holders of the parent was a reversal of the P176-million net loss in the same period last year, the company said in a statement yesterday.

Consolidated revenues rose by almost half to P7.752 billion from P5.289 billion last year “as associate ABS-CBN Broadcasting Corp. reported a 47% year-on-year increase in consolidated revenues as well as a sixfold hike in core net income,” it added.

ABS-CBN, which is 57% owned by Benpres Holdings, benefited from political and advocacy advertisements leading into the national elections. “ABS-CBN’s performance is also expected to be sustained in the next 12 months as it continues to strengthen national ratings during this time that commercial ads are showing healthy growth,” said Benpres Holdings President Angel S. Ong.

First Gen Corp. recorded a 166% rise in net income, backed by revenues from geothermal producer Energy Development Corp. and lower financing costs.

Equity in net earnings of associates ballooned to P10.563 billion from P115 million year on year following First Philippine Holdings Corp.’s sale of a 6.7% stake in power distributor Manila Electric Co.

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