Aboitiz Equity Ventures Inc. (AEV) posted profits of P22 billion last year, relatively flat from the prior year’s P22.2 billion.
The company said it recognized a one-time gain of P516 million last year, attributed to “net foreign exchange gains, and gains on reversal of impairment provisions.” Without these one-off gains, AEV’s core net income for 2019 was P21.5 billion, 7 percent lower from P23.1 billion.
Its consolidated earnings before interest, tax, depreciation and amortization fell 1 percent to P60.2 billion, from P60.7 billion in 2018.
“Power accounted for 57 percent of the total income contributions from AEV’s strategic business units (SBU) in 2019, while the financial services, food, real estate, and infrastructure SBUs income contributions were at 30 percent, 7 percent, 4 percent, and 2 percent, respectively,” the company said.
Unit Aboitiz Power Corp. posted profits of P17.3 billion, down 20 percent; the lending business under Union Bank of the Philippines reported P14 billion in profits, double the P6.9 billion in 2018; the food business under Pilmico Foods Corp., Pilmico Animal Nutrition Corp. and Pilmico International Pte. Ltd. saw consolidated profit grow 2 percent to P1.58 billion, from P1.56 billion the prior year; the property business under AboitizLand Inc. grew profit by 46 percent to P943 million, from P645 million in 2018; and infrastructure-related businesses Republic Cement & Building Materials Inc. posted profits of P612 million, up 187 percent from P213 million in 2018.
