ABOITIZ Equity Ventures Inc. (AEV) said profit in the first quarter of the year reached a P2 billion, down 42 percent from the P3.5 billion recorded last year.
Earnings before interest, tax, depreciation and amortization (EBITDA) stood at P11.8 billion, down 5 percent.
AEV said it recognized a P262-million one-time loss for the period due to unrealized foreign exchange losses from the revaluation of dollar-denominated assets.
The power business under Aboitiz Power Corp., (AboitizPower) posted profit of P2.1 billion, down 43 percent from last year.
The banking business under Union Bank of the Philippines realized profit of P2.6 billion, up 22 percent from P2.2 billion last year.
“This was mainly due to revenue growth from the increase in net interest income, which grew to P6.8 billion, 47 percent higher,” the company said.
The food business under Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd., – which includes Gold Coin Management Holdings Limited) – posted profit of P60 million, down 56 percent from P137 million recorded in 2019.
The real estate businesses under Aboitiz Land, Inc. and its subsidiaries posted a loss of P110 million, up 150 percent from P44 million last year.
AEV meanwhile said for the Infrastructure group, Republic Cement & Building Materials Inc., profit was at P61 million, a reversal from a P32 million loss last year.
“This was due to strong demand growth during the first two months of the year and tempered by the slowdown in construction activities in March due to the Luzon-wide ECQ,” it said.
