Power unit boosts AEV profit to P22.2B
Conglomerate Aboitiz Equity Ventures (AEV) posted a consolidated net income of P22.2 billion last year, up 3 percent from previous year, as higher earnings from the power business made up for the slack in the banking, food and real estate businesses.
Nonrecurring losses hit P891 million, lower than the previous year’s P2.3 billion, consisting of net unrealized foreign exchange losses and asset impairment costs. Without these, core net income in 2018 hit P23.1 billion, 3 percent lower than the previous year.
Consolidated cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) rose by 6.5 percent to P60.7 billion.
Aboitiz Power Corp. said its full-year net grew by 6 percent to P21.7 billion in 2018.
“We were able to sustain growth with the entry of new capacities from our base load power plant in Pagbilao, our hydro plant in Manolo Fortich, Bukidnon, and our efforts to continuously improve the availability and reliability of our generation assets,” AboitizPower COO Emmanuel Rubio said.
AboitizPower’s generation and retail electricity supply business recorded a consolidated Ebitda of P43 billion in 2018, up 8 percent from P39.7 billion in the previous year.
AEV also disclosed to the Philippine Stock Exchange on Friday that for the fourth quarter alone, it posted a consolidated net income of P4.9 billion, down by 14 percent year-on-year. Nonrecurring losses, amounting to P484 million, marked a substantial decline from P1.1 billion in losses year-on-year.
Without the one-off losses, AEV’s core net income for the fourth quarter was P5.4 billion, marking a 21-percent drop year-on-year, while consolidated Ebitda slipped by 3 percent year-on-year to P15.1 billion.
For 2018, the power business accounted for 73 percent of total income. The financial services, food, real estate and infrastructure arms respectively contributed 16 percent, 7 percent, 3 percent and 1 percent of total income.
Union Bank of the Philippines’ income contribution fell by 13 percent to P3.6 billion.
AEV’s nonlisted food subsidiaries—Pilmico Foods Corp., Pilmico International Pte. Ltd., Gold Coin Management Holdings Limited, Pilmico Animal Nutrition-Joint Stock Company and Vietnam Feeds—posted a net income of P1.6 billion, down by 8 percent from previous year.
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