CEBU

Aboitiz reports 15.7B net income in 9 months

ABOITIZ Equity Ventures Inc.’s (AEV’s) net income for the first nine months of 2019 was P15.7 billion, nine percent lower than the P17.3 billion recorded during the same period last year.

AEV recognized non-recurring losses of P155 million, lower than the previous year’s P407 million, representing net foreign exchange and derivative losses.

Without these one-off losses, AEV’s core net income for the first nine months of 2019 was P15.9 billion, 10 percent lower than P17.7 billion year-on-year.

AEV recorded consolidated earnings before interest, tax, depreciation, and amortization of P44.8 billion during the first three quarters of 2019, a two percent decrease from the P45.5 billion recorded in the same period last year.

Power accounted for 60 percent of the total income contributions, followed by banking and financial services (25 percent), food (six percent), land (five percent) and infrastructure (four percent).

“Despite challenges in our power business, better operating performance in our non-power businesses provided resilience to our investment portfolio.

As we fund our growth projects, we look to further broaden and strengthen our diversification in the Philippines and overseas,” said Erramon Aboitiz, AEV president and chief executive officer. PR


VIEW COMMENTS
DISCLAIMER:

SunStar website welcomes friendly debate, but comments posted on this site do not necessarily reflect the views of the SunStar management and its affiliates. SunStar reserves the right to delete, reproduce or modify comments posted here without notice. Posts that are inappropriate will automatically be deleted.


Forum rules:

Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent. Do not shout or use CAPITAL LETTERS!

sunstar.com.ph