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Thursday, October 30, 2003
Aboitiz Equity Ventures earns P1.86B in first 9 months
ABOITIZ Equity Ventures Inc. (AEV) earned P1.86 billion in the first nine months of this year, a 3.1 percent increase over its income during the same period last year.
Net earnings of P681 million in the third quarter alone were 4.5 percent higher than in the comparable period in 2002, a statement said.
AEV’s earnings before interest, taxes, depreciation and amortization (Ebitda) as of September hit P4.16 billion.
AEV’s earnings per share (EPS) of P0.386 shows a six percent improvement over EPS in the same period last year, it added.
Aboitiz Power Corp., the holding company of the Aboitiz power investments, contributed P1.27 billion to AEV’s income from January to September 2003, 8.1 percent lower than its contribution in the same period last year.
AEV’s banking subsidiaries posted a healthy 88.5 percent increase in earnings contribution, turning in P736 million in the first three quarters of this year.
The transport group registered a 600 percent growth in earnings for the first nine months, reflecting AEV’s increased investment in WG&A.
AEV’s earnings contribution from the transport group was P190 million, compared to P27 million in the first three quarters of 2002.
Pilmico Foods Corp. (PFC), AEV’s food manufacturing subsidiary, contributed P73 million, a 62.4 percent decrease, while AEV’s other investments contributed P4.79 million.
Since December 2002, total assets increased 7.1 percent to P30.66 billion, and stockholders’ equity increased 8.5 percent to P16.91 billion.
As of Sept. 30, AEV’s debt to equity ratio was 0.79:1, while the current ratio was 1.33:1.
AEV’s cash balance remained at a healthy level of P1.9 billion, it said.
(October 30, 2003 issue)
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