Aboitiz group’s 9-month net income down 47% | Inquirer Business
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Aboitiz group’s 9-month net income down 47%

/ 05:20 AM November 05, 2020

Conglomerate Aboitiz Equity Ventures Inc. (AEV) saw a 35-percent year-on-year drop in third quarter net profit to P4.4 billion as the COVID-19 pandemic gnawed on most if its businesses.

For the nine-month period, AEV’s net income fell by 47 percent year-on-year to P8.3 billion, weighed down by the power business as pandemic-induced lockdowns reduced demand from commercial and industrial users, the conglomerate disclosed to the Philippine Stock Exchange.

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Power accounted for 49 percent of the total income in the first three quarters, while financial services accounted for 39 percent. Income contribution from food, infrastructure and real estate were 9 percent, 3 percent and 1 percent, respectively.

“The first nine months of the year brought about unprecedented challenges that truly tested the resilience of the nation and the Aboitiz Group as well. We saw some signs of recovery in the third quarter, but we will continue to operate with caution and focus on providing the country with the services it needs to cope and recover,” AEV CEO Sabin Aboitiz said.

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“Moving forward, we expect our environmental, social and governance initiatives will help us achieve our targets…Digital innovation played an important role in helping us cope with this year’s challenges, ” he said.

Flagship Aboitiz Power Corp.’s nine-month net income contribution to AEV fell by 48 percent year-on-year to P5.4 billion. AboitizPower’s core net income in the first nine months was P6.5 billion, 53-percent lo­wer than year-ago level.

For the first three quarters, income contribution from the generation and retail electricity supply businesses—which accounted for 69 percent of total income—reached P6.3 billion, 50-percent lower year-on-year.

AboitizPower recorded higher capacity in the first three quarters at 3,394 megawatts, compared to 3,123 MW a year ago. Its distribution business recorded an income of P2.8 billion in the nine months to September, down 10 percent year-on-year. —DORIS DUMLAO-ABADILLA

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TAGS: Aboitiz Equity Ventures Inc. (AEV), COVID-19 pandemic, net income
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