MANILA, Philippines—Aboitiz Equity Ventures Inc. posted a nine-month consolidated net income of P16 billion, down by 5 percent from a year ago, due to the lower selling price and output of flagship power generation business.
But for the third quarter alone, AEV’s consolidated net profit increased by 5 percent to P5.8 billion from a year ago. Adjusting for one-off items, AEV closed the quarter with core profits of P5.8 billion, 16 percent higher than a year ago.
For the January to September period, power accounted for the lion’s share of earnings at 77 percent, followed by the banking and food units with income contributions of 17 percent and 6 percent respectively.
AboitizPower ended the first nine months with a consolidated income of P16.2 billion, down by 12 percent year-on-year.
Income contribution from banking recorded a 38 percent year-on-year improvement to P2.7 billion. In particular, Union Bank of the Philippines ended the period with an earnings contribution of P2.3 billion, up by 26 percent from a year ago.
Meanwhile, contribution from the food business slipped by 24 percent year-on-year to P937 million in the first nine months.