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First Holdings earnings boosted by Meralco sale.
Byline: Doris C. Dumlao
LOPEZ-LED FIRST Philippine Holdings nearly tripled its net profit last year due mostly to gains from the sale of additional shares in power distributor Manila Electric Co. to the group of businessman Manuel V. Pangilinan.
Apart from one-time gains from this transaction, the performance of its subsidiaries and affiliates and lower debt levels also helped jack up its net income to P24.9 billion last year from P8.7 billion in 2009, FPH said in a press statement.
In March 30 last year, FPH completed the sale of additional 74.7 million shares or half of its remaining stake in Meralco to Beacon Electric Asset Holdings, which is affiliated …
