Read this in The Manila Times digital edition.

ABOITIZ Equity Ventures Inc. (AEV) recorded a surged net income of P13.5 billion in the first six months of the year, up 243 percent from P3.9 billion in the same period last year.

In a filing on Thursday, AEV said its profit jumped by 159 percent year-on-year to P4.9 billion from P1.9 billion in the second quarter alone.

Its power segment accounted for the bulk of the income contribution during the first half of the year at 53 percent, followed by its financial services at 28 percent.

Meanwhile, income contributions from its infrastructure, food and real estate business units were at 9 percent, 7 percent and 3 percent, respectively.

AEV's listed power subsidiary, Aboitiz Power Corp., contributed an income of P7.8 billion in the first semester, which is 171 percent higher than its P2.9 billion year-on-year.

The income contribution of Union Bank of the Philippines to AEV also increased by 92 percent to P4.2 billion from P2.2 billion in the same period last year.

AEV's non-listed food subsidiaries, on the other hand, contributed 35-percent more in the first half to P1.1 billion from P795 million year-on-year.

The farms business segment recovered after posting a P281-million income in January to June from the P510-million loss last year on the back of selling prices' recovery.

The feeds and flour business segments, meanwhile, saw lower net incomes of P643 million and P285 million, respectively, during the period.

The feeds segment declined by 43 percent due to rising raw material costs while the flour segment slipped by 18 percent due to lower by-product contributions and higher operating and administration costs.

AEV's real estate businesses also swung back to profitability as it posted a P385-million consolidated income during the period.

AboitizLand contributed P1.8 billion in revenues, up 53 percent, as the construction activity of its residential business improved and sales increased.

For its infrastructure group, Republic Cement & Building Materials Inc. recovered from the P10 million it lost last year to P1.3 billion this year, driven by stronger market demand, reduced costs and increased overall efficiency.

"Looking ahead, we see some headway in our own strategic growth objectives and the new Corporate Recovery and Tax Incentives for Enterprises (Create) law should enable businesses to make even more significant strides to regain lost ground," Sabin Aboitiz, Aboitiz Group president and chief executive officer, said in the disclosure.

Shares of AEV shed 50 centavos or 1.25 percent to close at P39.50 each on Thursday.