Power biz drags AEV 9-mo profit

By Jordeene B. Lagare – November 7, 2019
from The Manila Times

ABOITIZ Equity Ventures Inc. (AEV) reported on Wednesday that its consolidated net income dropped by 9 percent to P15.7 billion in the first nine months of 2019 from P17.3 billion in the same period a year ago.

In a disclosure, the Aboitiz-led holding firm said that for the third quarter alone, its consolidated net income reached P6.8 billion, down 6 percent from P7.2 billion in 2018.

Non-recurring losses reached P155 million, lower than the P407 million posted a year ago, which were blamed on net foreign exchange and derivative losses.

Excluding one-off losses, AEV’s core net income in the period stood at P15.9 billion, down 10 percent from P17.7 billion year-on-year.

Its power segment contributed 60 percent of the conglomerate’s total income; financial services, 25 percent; food, 6 percent; real estate, 5 percent; and infrastructure, 4 percent.