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By JAMES A. LOYOLA
Benpres Holdings Corporation (Benpres) reported a 64 percent drop in unaudited net income attributable to the equity holders of the parent decreased to P731 million in the first quarter of the year from P2.052 billion in the same period in 2006.
The firm said in a disclosure to the Philippine Stock Exchange that the decline is primarily due to the 67 percent fall in equity in net earnings of investees to P632 million from P1.930 billion.
The 2006 figure (P1.93 billion) includes gains booked by affiliate First Philippine Holdings Corporation (FPHC) from the initial public offering (IPO) of First Gen Corporation (First Gen) in February last year.
Without these one time gains recorded by FPHC, Benpres’s net income attributable to equity holders of the Parent in the first quarter of 2006 would have been P632 million.
Thus first quarter 2007 net income of P731 million went up by 16 percent compared to first quarter 2006 recurring net income.
Consolidated revenues amounted to P4.18 billion in the first three months of 2007, 6 percent higher than P3.95 billion in the same period last year.
Foreign exchange adjustments resulted in a gain of P159 million compared to a gain of P409 million in the comparative period.
The peso appreciated by 1.53 percent to P48.28 per US dollar in March 2007 from P49.03 in December 2006, compared to a faster appreciation by 3.70 percent to P51.125 in March 2006 from P53.09 in December 2005.
FPHC reported P1.0 billion in net income attributable to equity holders of the Parent in the first quarter of 2007, down from P3.7 billion in the same period last year.
Without the P2.7 billion gain on dilution in First Gen in 1Q06, net income attributable to equity holders would have been unchanged.
ABS-CBN posted a net income attributable to equity holders of the Parent of P280 million for the first three months of 2007, more than double the P118 million in the same period last year.
SKY Cable gross revenues increased by 10 percent in the first quarter of 2007. Subscription revenue grew by 8 percent on the back of a 5 percent growth in subscribers while EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 27 percent.
BayanTel’s first quarter revenues went up by 12 percent year on year to P1.3 billion driven by voice and data revenues which increased by 11 percent and 16 percent, respectively.
It recorded a net loss of P101 million versus a net income of P357 million in the first quarter of 2006 due to lower foreign exchange gains.
MNTC’s net income of P413 million in the first quarter of 2007 was 40 percent lower than last year. The drop in net income was due to lower revenues as a result of the toll rate reduction and due to lower foreign exchange gains.
Rockwell Land revenues grew 11 percent in the first quarter to P830 million from P748 million in the first quarter last year. Bulk of revenues were still from the Joya project. Net income increased by 86 percent to P130 million.
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