AEV nets P17B

Conglomerate Aboitiz Equity Ventures, Inc. (AEV) grew its nine-month net profit by 44 percent year-on-year to P17.1 billion, driven by higher earnings from the power and banking businesses.

For the third quarter alone, AEV’s net profit rose by 61 percent year-on-year to P6.6 billion.

Power accounted for 63 percent of AEV’s nine-month earnings, followed by banking, food, infrastructure and real estate units which contributed 22 percent, 7 percent, 7 percent and 1 percent, respectively.