Written by : MADELAINE MIRAFLOR REPORTER
Despite the challenges global and domestic, Aboitiz Equity Ventures Inc. (AEV) and Aboitiz Power Corp. (AboitizPower) turned in good performances up to the first quarter of the year and are planning to pursue strategic plans for further growth.
AEV, a diversified holding company based in Cebu, earned P5.9 billion in the first quarter of this year, a 27-percent increase compared to the same period last year.
“AEV turned in a steady performance, remaining on course in its strategic intents even though the wind that powered us to extraordinary heights in 2010 has slowed down,” said Erramon Aboitiz, AEV and AboitizPower president and chief executive officer (CEO).
According to Aboitiz, AboitizPower is prepared to invest around P170 billion in the next five years to beef up its portfolio.
In its business segments, AboitizPower continued to provide the bulk of AEV’s earnings contributing P16.5 billion or 78 percent of total earnings. And its distribution unit contributed P1.8 billion, up by 24 percent versus its 2010 contribution, mainly from margin improvements and volume increases in electricity sales.
“Our decision to pour major investments into the power industry together with our partners is a vote of confidence for the current administration and the Philippine economy,” Aboitiz said.
AboitizPower will also continue investing in Mindanao, which still has a power supply shortage.
“We have roughly P35 billion worth of projects lined up for Mindanao. We are looking at putting up 354 megawatts [MW] in new capacity by 2015 to help address the critical power shortage in the region,” Aboitiz said.
“The new capacity will come from the 300-[MW] clean coal facility of Therma South and 54 MW of run-of-river hydro plants of Hedcor,” he added.
In Luzon, the company is constructing power projects through its partnership with the Meralco group and Taiwan Cogeneration Corp., and Team Energy Philippines Corp., which will produce 1,000 MW of additional capacity.
AboitizPower would also continue to participate in the privatization of targeted National Power Corp. (NAPOCOR) assets that the Power Sector Assets and Liabilities Management Corp. will bid out.
For its banking business, UnionBank will continue to strengthen its customer franchise through enhanced retail focus and a stronger sales management approach, while CitiSavings will remain committed to its expansion strategy in Luzon.
AEV is the publicly listed holding and investment company of the Aboitiz Group with major investments in power, bank, and food. AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and service. source
“AEV turned in a steady performance, remaining on course in its strategic intents even though the wind that powered us to extraordinary heights in 2010 has slowed down,” said Erramon Aboitiz, AEV and AboitizPower president and chief executive officer (CEO).
According to Aboitiz, AboitizPower is prepared to invest around P170 billion in the next five years to beef up its portfolio.
In its business segments, AboitizPower continued to provide the bulk of AEV’s earnings contributing P16.5 billion or 78 percent of total earnings. And its distribution unit contributed P1.8 billion, up by 24 percent versus its 2010 contribution, mainly from margin improvements and volume increases in electricity sales.
“Our decision to pour major investments into the power industry together with our partners is a vote of confidence for the current administration and the Philippine economy,” Aboitiz said.
AboitizPower will also continue investing in Mindanao, which still has a power supply shortage.
“We have roughly P35 billion worth of projects lined up for Mindanao. We are looking at putting up 354 megawatts [MW] in new capacity by 2015 to help address the critical power shortage in the region,” Aboitiz said.
“The new capacity will come from the 300-[MW] clean coal facility of Therma South and 54 MW of run-of-river hydro plants of Hedcor,” he added.
In Luzon, the company is constructing power projects through its partnership with the Meralco group and Taiwan Cogeneration Corp., and Team Energy Philippines Corp., which will produce 1,000 MW of additional capacity.
AboitizPower would also continue to participate in the privatization of targeted National Power Corp. (NAPOCOR) assets that the Power Sector Assets and Liabilities Management Corp. will bid out.
For its banking business, UnionBank will continue to strengthen its customer franchise through enhanced retail focus and a stronger sales management approach, while CitiSavings will remain committed to its expansion strategy in Luzon.
AEV is the publicly listed holding and investment company of the Aboitiz Group with major investments in power, bank, and food. AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and service. source
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