Saturday, May 18, 2024

NewsHorizon

Where your horizon expands every day.

Business

Lopez remains optimistic about continued growth.


FPH is optimistic that it will continue to experience growth throughout the rest of the year due to improved performance in its businesses.

The President and COO of FPH, Francis Giles B. Puno, stated that he is noticing progress for the Lopez-owned company’s divisions, and that they are meeting expectations.

“In general, I believe the outlook is optimistic,” stated Mr. Puno during the MAP International CEO Conference in Taguig City.

“Our power generation sector has seen a return to pre-pandemic levels of demand. Additionally, our real estate division, specifically Rockwell Land Corp., is performing strongly. We have also attracted new businesses to our industrial park and there continues to be a demand for high-efficiency transformers from utility companies,” he stated.

According to Mr. Puno, the main factors contributing to the company’s growth for the rest of the year are its primary operations in real estate, power, and construction.

FPH has various affiliated companies including First Gen Corp., Batangas Cogeneration Corp., First Philec Inc., Rockwell Land, and First Balfour, Inc. The company also has a partnership with Sumitomo Corp., a Japanese corporation, for the development of the First Philippine Industrial Park in Batangas.

“Our primary sources of growth are our core businesses. We plan to increase capacity in our power sector. We anticipate the positive trend in real estate to continue, not just for our Rockwell business but also for our industrial park. Additionally, we expect growth in our construction business due to the need for infrastructure development,” stated Mr. Puno. He expressed his desire to secure more contracts in the future.

During the initial period, the net income belonging to FPH’s shareholders increased by 29%, reaching P8.1 billion due to an increase in revenue.

The overall income of the conglomerate increased by 7% to P84.1 billion, thanks to an increase in electricity sales and contracts for services.

On Tuesday, shares of FPH at the local bourse dropped 40 centavos or 0.63% to finish at P62.60 apiece. — Revin Mikhael D. Ochave