ABOITIZ Equity Ventures (AEV) ended 2019 with a net income of P22.0 billion, one percent lower than the P22.2 billion recorded during the same period in 2018.

Power accounted for 57 percent of the total income contributions from AEV’s Strategic Business Units in 2019, followed by banking and financial services (30 percent), food (seven percent), land (four percent) and infrastructure (two percent).

Without one-off gains, AEV’s core net income for 2019 was P21.5 billion, seven percent lower year-on-year from P23.1 billion.

“Despite challenges in our power business last year, our portfolio was largely able to sustain its operational and bottom line performance, as better-performing businesses continued their positive trajectory,” said Sabin Aboitiz, AEV president and chief executive officer. (PR)