• AEV H1 net income dips 2% to P10.3B

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    ABOITIZ Equity Ventures, Inc., the holding company of the Aboitiz Group of Companies, said on Wednesday its net income in the first half slipped by 2 percent to P10.3 billion from P10.5 billion in the same period last year on account of non-recurring foreign exchange losses.

    In a disclosure to the Philippine Stock Exchange, AEV said it recognized P495 million in non-recurring losses, compared to last year’s gain of P100 million, from the revaluation of dollar denominated loans.

    Without the one-offs, it said core net income for the period rose 3 percent to P10.8 billion from P10.4 billion.

    Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) in the first six months reached P26 billion, up 14 percent from P22.8 billion in the same period last year.

    “Despite challenges, our results continue to reflect the underlying long-term strength of our core operating businesses, in line with our diversification and value creation strategies. Through our core businesses, we contribute to nation-building, helping uplift the lives of millions of Filipinos,” AEV President and Chief Executive Officer Erramon Aboitiz said.

    Meanwhile, AEV’s power unit AboitizPower Corp. posted net income of P9.7 billion for the first six months, down 2 percent from a year ago.

    AboitizPower said the decline was due to non-recurring losses of P744 million, compared to last year’s gain of P130 million, arising from foreign exchange losses on the revaluation of dollar-denominated liabilities.

    AboitizPower said its consolidated EBITDA in the first half climbed by 18 percent to P21.8 billion from P18.4 billion in the same period last year.

    For the second quarter alone, its core net income, without the one-offs, reached P10.5 billion, up 6 percent from P9.8 billion last year.

    AEV’s banking arm Union Bank of the Philippines reported income contribution to AEV of P2.1 billion in the first half, up 9 percent from P1.9 billion last year. On a stand-alone basis, UnionBank and its subsidiaries recorded net income of P4.3 billion for the first half, up 8 percent from the same period last year.

    AEV’s food subsidiaries — Pilmico Foods Corporation, Pilmico Animal Nutrition Corporation and Pilmico International Pte Limited – posted a combined 19 percent drop in income contribution for the first half, from P885 million last year to P717 million this year.

    AEV’s real estate segment, comprised of AboitizLand and other majority-owned subsidiaries, registered a net income of P202 million in the first six months, 138 percent higher than last year’s P85 million on higher sales.
    From the infrastructure group, Republic Cement and Building Materials, Inc.’s income contribution to AEV decreased by 43 percent year-on-year to P494 million from P869 million last year on slower cement demand.

    Founded in 1989, AEV, through its subsidiaries, is engaged in the power generation and distribution, financial services, food manufacturing, real estate, and infrastructure businesses.

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