Aboitiz Group H1 profit down 20% on power, banking unit losses

The power and banking businesses of the Aboitiz Group dragged down the parent company’s net profits for the first half of the year, the group said.

In two separate disclosures, parent firm Aboitiz Equities Ventures Inc. (AEV) and its power unit Aboitiz Power Corp. said the power and banking businesses lowered the financial performance of the Aboitiz Group for the first six months of the year.