Faye Almazan April 29, 2021
The earnings of Aboitiz Equity Ventures Inc. (AEV) surged by 276 percent year-on-year to P7.6 billion in the first quarter from P2 billion in the same period last year as most of its business units recorded growth.
In a regulatory filing, the diversified conglomerate said its power segment accounted for 58 percent of total income contributions during the period.
Financials services, meanwhile, was at 29 percent, food at 8 percent, infrastructure at 4 percent, and real estate at 1 percent.
The first quarter net income contribution of AboitizPower Corp. to AEV jumped by 200 percent to P4.8 billion from P1.6 billion year-on-year.
On a standalone basis, AboitizPower’s core net income during the period jumped 197 percent to P6.2 billion due to higher water inflows, higher availability of its thermal facilities and higher spot sales, which offset lower power demand caused by the community quarantines.
Union Bank of the Philippines’ income contribution last quarter was at P2.4 billion, 79-percent better than the P1.3 billion in the same period in 2020.
On a standalone basis, the listed bank’s net income climbed 79 percent to P4.7 billion from P2.6 billion year-on-year.
The company’s food subsidiaries, on the other hand, contributed P630 million, a 262-percent growth from P174 million in the first quarter of last year.
Its farms, feeds and flour business segments ended the quarter with net incomes of P153 million, P355 million and P188 million, respectively.
AEV’s real estate arm, AboitizLand Inc., reversed its net loss last year to a profit of P101 million in the first three months of the year.
AboitizLand also contributed 38-percent higher revenues of P701 million during the period on the back of increased construction activity in its residential business and increased sales of high value lots.
Meanwhile, Republic Cement and Building Materials Inc. saw its first quarter profit balloon to P334 million from P61 million year-on-year due to increased sales volume, reduced costs and increased overall efficiency.
Shares of AEV gained P1.35 or 3.97 percent to finish at P35.35 apiece on Wednesday.
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