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By Likha C. Cuevas-Miel Reporter
THE listed holding firm of the
Aboitiz group announced on Thursday that profits jumped last year on
the improvement in its power business, which contributed the bulk of
the group’s earnings.
In a disclosure to the Philippine
Stock Exchange, Aboitiz Equity Ventures (AEV) said its net income
grew by 54 percent to P5.8 billion year on year while its earnings
per share went up to P1.02 from P0.76 a year ago.
The holding firm attributed the
improvement to the better performance of Aboitiz Power Corp., which
contributes 61 percent of the group’s total income. Its banking
unit followed at 23 percent while its food business maintained its
performance at the 10 percent income share. The transport group
shored up 6 percent of the company’s earnings.
AEV posted a non-recurring income
of P783 million, which includes a foreign exchange net gain of P470
million at parent and subsidiary levels and a P313-million share in
gains on asset sales made by Aboitiz Transport System Corp.
At end-December, the holding
firm’s total assets went up by 60 percent to P65.2 billion. Total
liabilities grew by 12 percent to P18.5 billion while equity
attributable to equity holders of the parent jumped by 64 percent to
P37.8 billion.
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