Aboitiz Equity Ventures reports P14.3-B income

Manila Times
October 29, 2014 8:39 pm

Aboitiz Equity Ventures (AEV) posted a consolidated net income of P14.3 billion in the first nine months, down 14 percent from last year’s P16.6 billion.
Erramon Aboitiz, AEV president and chief executive officer, said the drop in the company’s net income does not affect the fundamental value of their businesses.
“Our future growth plans​ remain intact​ as we continue to strengthen our businesses in keeping with the country’s economic growth,” he said.
At the same time, Aboitiz said they “remain supportive of the government’s public-private partnership program, cognizant of the critical state of the country’s infrastructure.”
Among its strategic business units (SBUs), power accounted for 72 percent of AEV’s earnings, followed by banking (17 percent), food (7 percent), and land development (4 percent).
On non-recurring items for the period, AEV incurred a non-recurring gain of P380 million from the revaluation of dollar-denominated liabilities and placements and a one-off gain of P634 million from the sale of a couple of investments. In addition, the power unit booked a non-recurring cost for the acquisition of Lima Enerzone Corp. (formerly Lima Utilities Corp.).
In addition, the Power SBU booked a non-recurring cost for the acquisition of Lima Enerzone Corp. (formerly Lima Utilities Corp.).
Adjusting for these one-offs, AEV’s core net income amounted to P13.9 billion, which is 16 percent lower than last year’s.
For the first nine months of 2014, Aboitiz Power Corp. (AboitizPower) registered an income contribution of P10.1 billion, 8 percent down from the previous year’s P11 billion. RITCHIE A. HORARIO   source