Benpres swings to profit with improved Maynilad operations
BENPRES Holdings Corp. reported a net income of 297 million pesos in the January-June semester, compared with a net loss of 191 million pesos in the same period last year, owing to an improvement in operations of Maynilad Water Services Inc.
Benpres, a holding company of the Lopez group, has interests in broadcasting, telecommunications, power, and property development. It did not disclose its april-June results.
In notes accompanying its results, Benpres said January-June revenues rose 37 percent to 5.2 billion pesos from 3.7 billion pesos in the same semester last year.
It said net sales and services grew 48 percent to 3.8 billion pesos from 2.6 billion pesos, primarily reflecting an improvement in operations of Maynilad, the water concessionaire in the western part of Metro Manila.
"The water utility continues to operate normally following the approval of its court-assisted rehabilitation in June," Benpres said.
Benpres in July turned over to a court-appointed receiver all its shares and proxies in Maynilad, signaling the start of the water distributor's rehabilitation following years of losses.
Benpres said equity in net earnings of investees increased by 36 percent in the January-June semester on account of associate First Philippine Holdings Corp.'s equity in First Power Generation Corp., which produces electricity for affiliate Manila Electric Co.
First Holdings booked a January-June net income of 1.97 billion pesos, down six percent year-on-year from 2.09 billion pesos.
Unit ABS-CBN Broadcasting Corp.'s net income fell 67 percent to 185 million pesos from 560 million pesos.
Benpres said it also booked eight million pesos in gain from the sale of 10.5 million shares in Digital Telecommunications Philippines Inc. in April.
The company reported costs and expenses of 5.01 billion pesos, up 15 percent from 4.3 billion pesos in January-June 2004. With INQ7.net