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Aboitiz Equity profit up 3% to P5.6 B in Q2

MANILA, Philippines -  Aboitiz Equity Ventures Inc. (AEV) posted a three percent increase in its second quarter consolidated net income to P5.6 billion.

The company recognized non-recurring losses of P53 million during the quarter compared to last year’s loss of P86 million as a result of the revaluation of its dollar-denominated liabilities.

Without the one-off losses, core net income for the quarter was two percent  higher compared to P5.5 billion a year ago, AEV said.

AEV’s businesses include power, banking, food, real estate and cement.

On the other hand, AEV’s first half net income declined two percent to P10.3 billion. Non-recurring foreign exchange losses amounted to P495 million, a reversal of last year’s gain of P100 million.

Without the one-offs, AEV’s core net income increased three percent year-on-year to P10.8 billion.

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Aboitiz Power Corp. reported a two percent drop in net income, dragged down by foreign exchange losses of P744 million.

“The generation business accounted for 82 percent of earnings contributions from AboitizPower’s business segments, recording an income share of P8.1 billion for the first half of 2017, almost flat compared to the same period last year,” AEV said.

Union Bank of the Philippines, meanwhile, saw its income contribution to AEV increase nine percent to P2.1 billion.

“Growth in net income was in view of the sustained growth in recurring income, coupled with trading profits. The strong earnings performance translated to a return on equity and return on average assets of 14.7 percent and 1.7 percent, respectively,” AEV said.

For the food  business, net income contribution decreased 19 percent to P717 million due to increased costs.

Higher wheat cost and increase in operating cost pulled down the flour division’s income to P138 million.

The real estate segment, AboitizLand, registered a net income of P202 million, 138 percent higher than the previous year.

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