Higher electricity sales lift earnings of Lopez-led First Philippine Holdings by 26%

First Philippine Holdings Corp., a unit of Lopez Group, reported a 26 percent jump in profit to P12.7 billion on robust contributions from its power generation and real estate units.

FPHC also posted record-high recurring net income of P12.8 billion, up 27 percent from P10.1 billion in the previous year.

The company attributed the upturn to the outstanding performance of its major business segments, including power generation, real estate, construction, and energy solutions.

Total revenues grew by 36 percent to P170.3 billion, driven by higher sales of electricity, improved sales bookings and construction completion of residential development projects, and an increase in the volume and value of electrical transformers and new business products sold.