Lopez Holdings nets P13.2 billion in 2010

MANILA, Philippines - Lopez Holdings Inc., the listed flagship firm of the Lopez family, posted a net income of P13.2 billion last year, up 10.9 percent from P11.9 billion in 2009 on robust growth across its businesses.

The company expects to sustain its strong performance this year with the continued growth of its media and communication and power generation businesses as well as the strengthening of its balance sheet.

Lopez Holdings is aiming to wipe out its deficit and remains in talks with creditors for the restructuring of its remaining $65 million debt.

The company has significantly reduced debt through the sale of some assets.

Lopez Holdings (formerly known as Benpres Holdings Corp) had undergone a quasi-organization aimed at paring down its capital deficit by P6.7 billion.

The company started accumulating the deficit in 2002 at P867 million and shot up to as much as P9.634 billion in 2004.

Unit ABS-CBN Corp., the country’s largest multimedia content provider, is set to expand to the digital platform as it competes head on with perennial rival GMA Network.

It is looking to spend between P3 billion and P5 billion on a nationwide rollout of digital TV,which is designed to deliver improved image and sound quality and more programming options to viewers, thereby boosting its ratings.

Another investee, First Philippine Holdings Corp., a minority shareholder in Meralco, is the parent company of leading clean and renewable energy advocate First Gen Corporation, which in turn controls geothermal energy pioneer Energy Development Corp.