ABOITIZ Equity Ventures Inc. (AEV) ended the first quarter of 2008 with a net income of P1.18 billion, up nine percent year-on-year. This translates to an earnings per share of 21 centavos for the first quarter.
Aboitiz Power Corp. (AP) continued to account for the bulk of AEV’s income at 67 percent, followed by the banking group at 21 percent. The food group continued to be a stable source of earnings with a 14-percent income share.
The transport group, however, turned in a negative contribution for the period in review.
Despite AEV’s reduced ownership in AP, the power group’s income contribution for the quarter grew 83 percent to P761 million on the back of consolidated total revenue growth of 41 percent year-on-year.
AP’s power generation business ended the quarter with a net earnings contribution of P481 million, up 429 percent year-on-year.
AP’s power distribution business contributed net earnings of P288 million to AEV, down 11 percent, mainly due to AEV’s ownership dilution in its power subsidiary.
AP’s distribution utilities continued to record healthy electricity sales growth rates. (PR)
