AEV H1 net income dips 2% to P10.3B

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.