AEV earnings hit P18.8B on strong energy sales

Diversified conglomerate Aboitiz Equity Ventures Inc. (AEV) saw modest growth in the January to September period, driven mainly by its core businesses, particularly the power unit.

AEV on Monday said its earnings inched up by 4 percent to P18.8 billion. Growth was tempered by a P104-million one-time foreign exchange loss recognized in the third quarter.

READ: AboitizPower’s 9-month core profit rose 1.9% to P27.2B

“Our third-quarter results reflect not only the strength of our diversified business but also the positive momentum we are seeing in the broader economy,” Aboitiz Group president and CEO Sabin Aboitiz said in a statement.

Aboitiz Power Corp., which accounted for 64 percent of the group’s total net income, reported P14.5 billion in earnings, up by 4 percent on higher generation and additional capacities from its new solar power plants.

Energy sales likewise rose by 8 percent to 4,939 gigawatt hours on higher demand brought about by the El Niño phenomenon, which brought scorching temperatures in recent months.

Higher operating expenses caused a 27-percent drop in the earnings of real estate unit Aboitiz Land Inc. to P521 million.

Aboitiz Foods’ profit, meanwhile, increased eightfold to P4.2 billion due to fresh contributions from the group’s acquisition of a 40-percent stake in beverage giant Coca-Cola Beverages Philippines Inc.

Unionbank bounces back

Infrastructure under Aboitiz InfraCapital Inc. booked a net loss of P148 million during the period, coming from a P1.4-billion income because of a nonrecurring gain recognized in the third quarter of 2023.

At the same time, Union Bank of the Philippines has bounced back from recent setbacks after achieving slightly higher earnings on the expansion of its consumer portfolio.

In a separate regulatory filing, UnionBank said its net income inched up by 6 percent to P8.6 billion. INQ