Image via WikipediaLopez Holdings Corporation expects to wipe-out its remaining deficit this year and post positive retained earnings within the year.
In an interview with reporters, Lopez Holdings president Salvador Tirona said the firm has a remaining deficit of P100 million after undergoing a quasi-reorganization wherein it applied its additional paid in capital of about P6 billion to wipe out most of its deficit.
“The major businesses ABS-CBN Corp. and First Philippine Holdings Corp. have a good prospect on their performance this year. It’s going to be a good year,” Tirona said. Posting positive retained earnings will allow the firm to resume paying dividends to its shareholders although Tirona would not commit to the firm’s paying out dividends from earnings this year.
Meanwhile, Tirona said Lopez Holdings has been able to reduce its debt to $65 million, from P560 million in 2002, on the company’s continuing efforts to buy back debt at a discount.
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