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Lopez Holdings Corp. (LPZ) reports a net income for the first half of the year of ₱275 million from ₱4.2 billion year-on-year, a 93% decline.
LPZ said “Lower revenues from all business units and higher costs that include one-off expenses related to the group’s COVID-19 response and share in the net loss reported by ABS-CBN’s media and entertainment businesses accounted for the results,”
ABS-CBN reported a net loss of ₱3.9 billion for the first half of 2020, due to coronavirus pandemic and the rejection from the House of Representatives to grant the network a new 25-year franchise.
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