AEV Jan-Sept profit dropped 8% to P17.3B
Aboitiz Equity Ventures Inc.’s (AEV) earnings in the first nine months took a hit from the weaker January-June period, as the bottom line slipped by 8 percent.
In a disclosure to the local bourse on Tuesday, AEV said earnings fell to P17.3 billion from P18.8 billion.
This, despite its third quarter consolidated net income soaring by 71 percent to P8.9 billion against the P5.2 billion in the April-June period.
For the September quarter, AEV said it had seen “improved performance across almost all segments.”
For the January to September period, AEV’s power business continued to account for the bulk, or 60 percent, of the total profit. The food and beverage and financial services units provided 25 percent and 15 percent of the bottom line, respectively.
Even with robust energy sales, Aboitiz Power Corp., its main income driver, saw its profit drop by 15 percent to P23.1 billion from P27.2 billion a year earlier. AboitizPower blamed the full impact of depreciation and interest costs for GNPower Dinginin Ltd. Co.
Meanwhile, AP Renewable Energy Corp. has proposed to build and operate a P7.6-billion facility that can generate 179.26 megawatts (MW). This would be Phase 2 of the Olongapo Solar Power Project. Commercial operations are targeted by early 2028.
Union Bank of the Philippines also posted weaker financials as higher operating costs weighed down its net income in the first nine months. This settled at P6.5 billion, down from P8.56 billion a year ago.
Aboitiz Land Inc. and its subsidiaries, meanwhile, booked a 69-percent jump in consolidated profit, hitting P879 million.
AEV’s food and beverage business, on the other hand, pitched in higher contributions at P5.2 billion. This segment comprises Aboitiz Foods Holdings, Inc., Aboitiz Foods Pte. Ltd., and Coca-Cola Europacific Aboitiz Philippines Inc.
Aboitiz InfraCapital Inc. returned to profitability with its income contribution reaching P137 million, a reversal from P148 million losses a year ago.
AEV’s consolidated assets stood at P971.1 billion as of end-September.
