MANILA, Philippines — Lopez Holdings Corp. sank into the red in 2020 after its media and power businesses posted lackluster earnings in the past pandemic year. In a disclosure to the stock exchange on Monday, Lopez Holdings reported a net loss of P2.625 billion last year, a reversal from P5.3-billion net income posted in 2019. Incorporated in 1993, the company serves as the holding firm of First Philippine Holdings Corp. (FPH), its power unit, and media firm ABS-CBN Corp. The media firm is yet to release its financial report for the entire 2020 but as of September last year, ABS-CBN posted a net loss of P7.2 billion. Shares in Lopez Holdings Corp. traded flat to close at P3.30 apiece on Monday.

Source: Philippine Star June 07, 2021 08:15 UTC