Thursday, March 25, 2004
Aboitiz Equity Ventures earns P2.025B in net income
ABOITIZ Equity Ventures Inc. (AEV) recorded P2.025 billion in unaudited income after preferred dividend payments in 2003, representing earnings per share of P0.42, a statement said.
In 2002, AEV reported a net income of P2.205 billion, which included proceeds from Luzon Hydro Corp.’s business interruption claim of P236 million.
After taking this into consideration, AEV’s 2003 earnings on a recurring basis, therefore, increased by three percent from 2002’s recurring income, giving the company a compounded annual growth rate of 22 percent.
AEV’s power subsidiaries and associates posted the largest contribution to AEV’s 2003 earnings with a total combined contribution of P1.36 billion versus its recurring income of P1.44 billion in 2002.
AEV’s banking investments, meanwhile, registered the highest growth.
UnionBank of the Philippines and City Savings Bank turned in a combined contribution of P749 million, a 46 percent increase over its contribution in 2002.
The transport group’s contribution to AEV’s 2003 income increased 17 percent to P256 million.
Pilmico Foods Corp., AEV’s food manufacturing subsidiary, contributed P173 million, or 28 percent lower than in the same period last year. Other AEV investments contributed P12 million.
AEV’s cash balance as of Dec. 31, 2003 increased to P3.3 billion versus P2.3 billion at the end of 2002.
In 2002, for the second year in a row, AEV was voted the second best small cap company in the Philippines in Asia-money’s best-managed companies poll, the statement said.
(March 25, 2004 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here. |
