Aboitiz Equity Ventures nets P18 B in nine months

MANILA, Philippines—Aboitiz Equity Ventures grew its nine-month consolidated net profit by 12 percent year-on-year to P18 billion on higher earnings from its power and banking businesses.

For the third quarter alone, consolidated net profit went up by 7 percent to P6.2 billion from a year earlier, AEV disclosed to the Philippine Stock Exchange on Wednesday.

Power continued to account for the lion’s share of AEV’s nine-month earnings at 78 percent while the banking and food segments contributed 17 percent and 5 percent, respectively.

The flagship Aboitiz Power Corp. ended the nine-month period with a higher income contribution of P14.1 billion versus P12.4 billion last year, in turn fueled by higher average selling prices and increased net generation.

Excluding non-recurring items, AEV’s core earnings for the nine-period ending September went up by 14 percent year-on-year to P17.6 billion. During the period, AEV posted a one-time gain of P894 million versus last year’s non-recurring loss of P28 million resulting from the revaluation of group-wide dollar-denominated liabilities and placements.

On the other hand, AEV had also written off P513 million in one-off items from its share in the non-recurring net loss of its power unit, which reflected the higher fuel cost booked by its geothermal plants.