AEV H1 income up by 2%
Declines in its power and banking businesses tempered growth in conglomerate Aboitiz Equity Ventures Inc.’s (AEV) first semester core earnings, which inched up by 2 percent to P11.4 billion.
This does not include a one-time gain of P83 million that resulted in consolidated net income jumping by 10 percent to P11.5 billion, a stock exchange filing showed.
Aboitiz Power Corp. continued to be the largest income contributor at 65 percent, followed by food and beverage unit via Pilmico Foods Corp. and Coca-Cola Beverages Philippines Inc. (CCBPI) with 20 percent.
Banking through Union Bank of the Philippines contributed 18 percent, and real estate via Aboitiz Land Inc., 3 percent.
According to AEV, AboitizPower’s net income contribution dipped by 2 percent to P9.1 billion due to depreciation and interest expenses on two units of GNPower Dinginin in Bataan.
UnionBank contributed P2.5 billion, down by 23 percent, as it recorded a 2-percent dip in operating expenses.
Real estate arm AboitizLand recorded a P445-million net income, up by 14 percent on higher revenues from projects.
Growth in the flour and agribusiness units that “continued to benefit from stabilizing commodity prices and strategic selling price adjustments” caused the food and beverage segment’s net income to grow 15 times to P2.8 billion, AEV said.
Fresh contributions from CCBPI, in which AEV acquired a 40-percent stake in February, also helped drive growth in the segment.
