Conglomerate Aboitiz Equity Ventures Inc. posted P10.1 billion in first semester net profit, down 2 percent year-on-year due to some foreign exchange losses and slower earnings contribution from the flagship power business.
For the second quarter alone, AEV’s consolidated net income declined by 6 percent year-on-year to P5.3 billion, the company disclosed to the Philippine Stock Exchange on Wednesday.
Power accounted for 68 percent of total income contributions, followed by banking and financial services (22 percent), food (6 percent), real estate (3 percent) and infrastructure (1 percent).
For the first semester, AEV booked nonrecurring losses amounting to P467 million versus last year’s losses of P495 million, representing net foreign exchange losses from the restatement of dollar-denominated net debt.
The net contribution of flagship unit Aboitiz Power Corp. in the first half declined by 6 percent year-on-year to P7 billion. Including earnings attributable to minority interest, AboitizPower’s net income amounted to P9.1 billion, also 6 percent lower year-on-year.
Banking arm Union Bank of the Philippines increased its six-month income contribution by 9 percent year-on-year to P2.3 billion. On a stand-alone basis, UnionBank and its subsidiaries posted a net income of P4.7 billion for the first half, up by 9 percent from the same period last year.
Food unit Pilmico Foods Corp. and its subsidiaries reported a net income of P662 million for the first half, 8 percent lower than the level recorded last year, due mostly to higher raw material costs.
Property development arm Aboitiz Land Inc. reported a net income of P283 million during the first half, 40 percent higher year-on-year.