Aboitiz conglomerate 2013 net income down by 12%

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MANILA—Aboitiz Equity Ventures Inc. suffered a 12-percent decline in 2013 net profit to P21 billion as earnings were weighed down by non-recurring losses from the revaluation of US dollar liabilities and other placements.

For the fourth quarter alone, AEV’s consolidated net income amounted to P4.5 billion or a decline of 24 percent year-on- year, AEV said in a press statement.

The full-year net profit of P21 billion translated to P3.81 in earnings per share. Power accounted for 72 percent, followed by the banking, food and real estate segments with income contributions of 21 percent, 6 percent and 1 percent, respectively.

For the fourth quarter alone, the revaluation of consolidated dollar-denominated liabilities and placements resulted in a non-recurring loss of P334.7 million. This was partly offset by a gain registered by the power segment in the acquisition of a subsidiary. Adjusting for these, AEV closed the quarter with a core net income of P4.6 billion, reflecting a decrease of 20 percent year-on-year.