First Philippine Holdings profit falls despite sale of infrastructure subsidiary

摘要

First Philippine Holdings Corp. announced recently that its net income last year suffered a huge drop, due to high financing costs and foreign exchange losses.rnIn a disclosure to the Philippine Stock Exchange, the Lopez holding company said its profit plummeted 73 per cent to P1.2 billion from P4.5 billion in the previous year.rnThe company, however, provided no details on its financial results.rnLast year, First Holdings and Benpres Holdings, Corp., another Lopez holding firm, sold First Philippine Infrastructure Inc. (FPII) to Metro Pacific Investments (MPIC) for P12.2 billion.