AEV profit down 47%


    Aboitiz Equity Ventures Inc. said its profit hit P8.3 billion in the first nine months of the year, down 47 percent from P15.7 billion last year.

    The company said it posted a non-recurring losses of P5 million for the period, lower from the P155 million non-recurring losses last year.

    Without these one-off losses, Aboitiz’s core net income for the first nine months of 2020 was P8.3 billion, 48 percent lower than the P15.9 billion recorded in the corresponding period last year.

    Aboitiz said its earnings before interest tax depreciation and amortization (EBITDA) was at P38.8 billion, down 13 percent from the billion last year.

    Power accounted for 49 percent of the total income contributions from Aboitiz’s strategic business Uunits (SBU), while financial services accounted for 39 percent.

    Income contributions from food, infrastructure, and real estate SBUs were at 9 percent, 3 percent, and 1 percent, respectively.