Benpres profit up on asset sales, investments

Benpres Holdings Corp. stated that its profit in 2007 grew due to higher revenues from investments from its subsidiaries and asset sales. In its annual report, the holding company of the Lopez Group revealed that its annual net income improved by 26 percent to P5.928 billion. In 2007, Benpres received P1.266 billion in dividends from ABS-CBN Corp., First Philippine Holdings Corp., First Philippine Infrastructure Development Corp. and Rockwell Land Corp. It also collected P104 million from the sale of shares in Digitel. At the end of 2007, Benpres' assets had slipped by 3 percent to P14.357 billion as current assets dropped by 30.6 percent to P974 million after goodwill interest payments and partial debt purchases. Other current assets ballooned 16 times to P1.561 billion as noncurrent investments available for sale were reclassified as current assets.

in Manila Times by Likha C. Cuevas-Miel
April 21, 2008
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