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Thursday, July 28, 2005
AEV net profit rises 40%; Union Bank makes P1.5B
Aboitiz Equity Ventures Inc. (AEV) made P1.72 billion in net income to common shareholders in the first six months of this year, a 40 percent increase from the first half of 2004.
This developed after earnings before interest, taxes, depreciation and amortization (Ebitda) grew 20 percent to P3.38 billion.
In the second quarter of this year, AEV posted a net income of P1.09 billion, a 38 percent increase from the same quarter last year.
The conglomerate has four business groups.
The power group contributed P1.03 billion in the first half, up 86 percent from the same period last year.
The power distribution group contributed P573 million, up 51 percent, amid higher margins and more operating efficiencies.
AEV operates the second and third largest utilities in the country—Visayan Electric Co. and Davao Light and Power Co.
For the power generating side, both the new Bakun supplemental water project of Luzon Hydro and the newly acquired Talomo mini-hydro facility started operations in the first half.
The power generation group’s income contribution was P453 million, up by 164 percent.
The banking group, which includes Union Bank of the Philippines and City Savings Bank, contributed P569 million to AEV, up 49 percent.
Union Bank reported a 36 percent jump in first-half profit to P1.5 billion on the back of a 40.5 percent jump in revenues to P4.5 billion.
The food group’s contribution was flat at P211 million. The group includes Pilmico Foods Corp. and Fil-Am Foods.
But it fared better than the transport group, whose contribution of P153 million was down 54 percent, as higher oil prices raised operating costs.
Helping to raise the first-half results was Aboitiz Transport System Corp. (formerly WG&A), which made P330 million in profit in the second quarter. (CTL)
(July 28, 2005 issue)
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