By Alena Mae S. Flores Posted on Mar. 07, 2013 at 12:01am
Aboitiz Equity Ventures, the holding company of the Aboitiz family, reported a net income of P23.9 billion in 2012, up 13 percent from 2011, boosted by higher sales.
Power accounted for the lion’s share of Aboitiz Equity’s net income at 78 percent, followed by the banking and food with income contributions of 16 percent and 5 percent, respectively.
Aboitiz Power Corp. said it ended 2012 with a net income of P24.4 billion, up 13 percent from P21.6 billion in 2011, led by the continuing growth of its power generation business.
Aboitiz Equity’s net income translated into an earnings per share of P4.33 and while Aboitiz Power’s was P3.32 per share.
“2012 was another good year for Aboitiz Power, with both distribution and generation segments experiencing strong electricity growth on the back of a vibrant economy,” Aboitiz Power president and chief executive Erramon Aboitiz said.
“We believe that we have the right strategy and initiatives in place to sustain our growth over the long term. We are confident we have the required management team in place to ensure successful execution of these plans,” he said.
Aboitiz Power registered a non-recurring gain of P705 million last year, due to foreign exchange gains resulting from the revaluation of consolidated dollar-denominated loans and placements amounting to P1.5 billion. source
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