Aboitiz Equity Ventures 9-month income down 16% to P18B

(From: Aboitiz's Facebook)
(From: Aboitiz's Facebook)

LISTED holding company Aboitiz Equity Ventures Inc. (AEV) recorded a consolidated net income of P18 billion for the first nine months of 2023, 16 percent lower than the P21.4 billion recorded during the same period in 2022.

The company’s net income for the third quarter was P7.6 billion, a 21 percent decrease from the P9.6 billion recorded in the same period in 2022.

AEV recognized non-recurring gains of P1.4 billion during the period, primarily due to foreign exchange gains arising from the revaluation of US dollar cash and liquid financial instruments, compared to the P2.6 billion in non-recurring gains for the corresponding period in 2022.

Power accounted for 70 percent of the total income contributions from AEV’s Strategic Business Units (SBU) in the first nine months of 2023, while financial services accounted for 20 percent, infrastructure (20 percent), real estate (20 percent) and food SBUs (three percent).

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