Lopez Holdings Corp. Reports 93% Drop in Net Income in First Half

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.