Aboitiz | AEV first quarter net income up 3%

AEV first quarter net income up 3%

03 May 2018

Aboitiz Equity Ventures, Inc. (AEV) grew its first quarter consolidated net income by 3% to P4.8 billion from P4.7 billion last year due to lower one-off losses representing net unrealized foreign exchange losses.

Power accounted for 64% of total income contributions, followed by Banking & Financial Services (30%), Food (6%), Land (1%), and Infrastructure (-2%).

“Our diversified portfolio gives us the resilience to sail through varying business cycles. The underlying strength of our core operations and a vibrant economy keep us optimistic on our long-term fundamentals,” Erramon I. Aboitiz, AEV President and Chief Executive Officer, said.

Aboitiz Power Corporation’s net income contribution to AEV decreased by 9% YoY from P3.4 billion to P3.1 billion, even as core net income rose by 4% to P5.2 billion from P5 billion, due to higher unrealized foreign exchange losses.

Meanwhile, Union Bank of the Philippines’ first quarter income contribution to AEV increased by 32% YoY, from P1.1 billion to P1.4 billion, driven by higher revenues.

Pilmico Foods Corporation and its subsidiaries reported a net income of P264 million for the first quarter of 2018, 10% lower than 2017’s P292 million, due mostly to the higher cost of raw materials and operating expenses.

Aboitiz Land, Inc. and other subsidiaries reported a net income of P59 million for the first quarter of 2018, down 18% YoY due to increased borrowing expenses for the funding of developments.
On the other hand, Republic Cement and Building Materials, Inc.’s income contribution to AEV decreased 140% YoY from a P202 million net income to a net loss of P82 million, mainly due to energy input costs, which were higher compared to the same period last year.

Other News

Building firsts that last: Aboitiz’s tech-driven nation-building

05 Nov 2024

This article was created in partnership with Rappler What in the world is a ‘techglomerate?’ With countless new concepts popping up in the economic lexicon nowadays, a ‘techglomerate’ may just be one we’re bound to see happening in the Philippines soon. Serving as a combination of the...

Aboitiz Foundation, Subic EnerZone Bring Solar Power to Iram II Elementary School

04 Nov 2024

POWER ON. Aboitiz Foundation and Subic EnerZone light up Iram II Elementary School with solar power during the ceremonial switch-on, bringing sustainable energy to empower students and teachers. Iram II Elementary School in Zambales celebrated an early Christmas gift from Aboitiz Foundation and Subic EnerZone, in...