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Tuesday, March 28, 2006
AEV posts 29% income growth
Aboitiz Equity Ventures (AEV) Inc. ended 2005 with a net income of P3.16 billion, 29 percent higher than its restated 2004 net income.
This translates to earnings per share of 65 centavos.
As a result of the adjustments made to comply with new accounting standards, the net income figure for 2004 was restated upward by P121 million.
Earnings before interest, taxes, depreciation and amortization increased by nine percent to P6.36 billion.
Consolidated revenues in 2005 increased by 21 percent to P27 billion.
AEV’s power businesses remained the largest income contributors with P2.12 billion, up 32 percent from its 2004 contribution.
The generation companies contributed P1.05 billion, up 36 percent, while distribution utilities turned in P1.07 billion, a 28 percent jump from 2004.
The company’s banking investments contributed P930 million in 2005, with UnionBank of the Philippines turning in P911 million, an 11 percent increase from the previous year’s P821 million.
AEV’s food group increased its income contribution by 13 percent, turning in P382 million.
Although volumes in its flour business were flat, its feeds and swine buisnesses performed well in 2005, as production efficiencies showed significant improvements.
The transport group contributed P34 million to AEV’s income in 2005, a significant drop from the prior year.
Fuel costs
This was primarily due to large increases in its fuel costs, which could not be fully passed on through rate increases.
The reorganization of the group’s transport businesses was completed late last year, which saw the integration of the freight forwarding, courier, logistics, crewing and ship management businesses into Aboitiz Transport Systems Corp (ATSC).
This move should enable ATSC to provide its customers with total transport and logistics solutions, and diversify its revenue mix.
AEV’s cash balance, as of Dec. 31, increased slightly to P4.6 billion.
Its net debt to equity ratio stood at 0.43, while its current ration was at 1.28.
The AEV group has adopted its full compliance with the new Philippine Accounting Standards mandatory for financial years, beginning on or after Jan. 1, 2005.
In February this year, AEV’s board of directors declared a cash dividend of P736 million or P0.15 per share to all stockholders on record, as of Feb. 26, 2006, which was paid on March 10. (PR)
For Bisaya stories from Cebu. Click here. (March 28, 2006 issue)
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