By James A. Loyola
Aboitiz Equity Ventures (AEV) reported an 11 percent drop in net income to P9 billion in the first half of 2019 from the P10.1 billion earned in the same period last year.
Without one-off gains, AEV said its core net income stood at P8.9 billion, 16 percent lower than the P10.6 billion registered in the first semester last year.
AEV posted consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) of P26.5 billion during the first semester of 2019, a 5 percent decrease from the P28 billion recorded last year.
Power accounted for 67 percent of the total income contributions from AEV’s Strategic Business Unit (SBUs) for the first half of 2019, followed by banking and financial services (24 percent), food (6 percent), infrastructure (2 percent), and Land (1 percent).
“While challenges to our bottom line continue to persist, we have seen recovery across our entire portfolio compared to the same period last year and compared to the previous quarter,” said AEV President and Chief Executive Officer Erramon I. Aboitiz.
He noted that, “we still feel we are well-positioned to reap the benefits of our country’s ‘demographic dividend’ and to take advantage of opportunities to evolve and expand beyond our borders, as we deepen our role in building a better future for communities.”
Aboitiz Power Corporation’s net income contribution to AEV for the first half of 2019 decreased by 5 percent from P7 billion to P6.7 billion due largely to higher volume and cost of purchased power during the first half of 2019.