FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
For the period ending 30 June 2009, First Philippine Holdings Corporation (First Holdings) registered an unaudited net income attributable to equity holders of the parent amounting to P896 million, a significant reversal compared to the P230 million restated net loss it posted for the first half of 2008.The strong performance this year was mainly driven by a P1.1 billion growth in consolidated gross profits as well as a substantial reduction in foreign exchange losses compared to 2008.
This period’s bottomline excludes any one-time gain to be generated by First Holdings from the recent sale of its stake in Manila Electric Company (Meralco) to Philippine Long Distance Telephone Company (PLDT). On July 14, 2009, First Holdings completed the sale of its 223 million Meralco shares to the PLDT group for P20.07 billion. The said Meralco shares constitute about 20 percent of the company’s total outstanding stock.
Mr. Elpidio L. Ibañez, FPHC President and COO, remarked: “We will continue to implement the necessary strategic measures to ensure that the groundwork for continued growth and profitability is enhanced, while our balance sheet is further strengthened.”
Consolidated revenues for the period amounted to P30 billion, 3% higher than 2008.Costs and expenses of P24 billion were flat versus last year. Foreign exchange losses was P76 million, significantly lower than last year’s P1.2 billion due to the local currency’s reduced volatility for 2009. Finance costs of P3.8 billion increased by 28% versus last year due to charges associated with the refinancing of First Gas Power Corporation (FGPC), as well as the issuance of corporate notes by Unified Holdings Corporation (UHC) worth P5.4 billion. Both FGPC and UHC are subsidiaries of First Gen. Finance income was P543 million, significantly higher than last year’s P258 million owing to a higher cash balance for this period.
To view the SEC 17-C disclosure, please click here.