First Philippine Holdings Corp : FPH attributable net income at P11.6B

FPH attributable net income at P11.6B
January 04, 2013

The consolidated net income of the First Philippine Holdings (FPH) Group reached P14.9 billion for the three quarters ended September 2012, a substantial increase compared to the P2.5B for the same period last year.This was mainly due to the P6.1B gain on the sale of Meralco shares and the P1.8B gain related to the investment in Rockwell Land. Equity in net earnings of associates surged to P4.3B, from net losses of P66 million last year due to improved operations of Energy Development Corporation and FG Hydro and the absence of impairment costs of Northern Negros Geothermal Plant assets that were recognized last year. Net income attributable to parent was P11.6B, up from P637M last year. Without the recognized gains and impairment costs, recurring net income amounted to P3.7B this period, significantly better than the P2.0B net income last year.On November 8, 2012, FPH declared cash dividends of P1.00 per common share to stockholders of record as of November 22, 2012, payable on or before December 12, 2012.