AEV profit down 18% in H1
MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV), the holding company of the Aboitiz Group, reported an 18 percent decline in its first half net income to P7.8 billion, dragged down by the power businesses.
The banking, food, and land strategic business units (SBUs) posted income contributions of 10.6 percent, 10.9 percent, and 2.6 percent of groupwide earnings, respectively.
AEV ended the first semester with a non-recurring loss of P109.7 million as against last year’s one-time gain of P785.2 million. This was due to the revaluation of the Power SBU’s consolidated dollar-denominated liabilities and placements.
“Adjusting for these one-offs, AEV’s core net income amounted to P7.9 billion, which is nine percent lower than last year,” the company said.
Despite weak first half results, AEV president and CEO Erramon Aboitiz said the company would continue to look for opportunities to grow the business locally and overseas.
“We will continue to pursue our strategic growth plans as we strengthen our businesses in line with the country’s economic growth and requirements. Expansion opportunities abound, not only on the domestic front, but beyond our borders as well,” Aboitiz said.
Power unit Aboitiz Power Corp. contributed P6.2 billion to AEV’s total net income, down nine percent year on year.
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