AEV profit falls 55%

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    Aboitiz Equity Ventures Inc. (AEV) said profit for the first half of the year reached P4 billion, down 55 percent from P9 billion last year.

    The company did not provide its comparative topline and it has yet to release its financial statement for the period.

    The company said it recognized a non-recurring losses of P20 million compared to a P78 million one time gain last year, representing foreign exchange losses from the revaluation of dollar-denominated assets.

    “Without these one-off losses, AEV’s core net income for the first half of 2020 was P4 billion, 54 percent lower year-on-year (from P8.9 billion). AEV recorded consolidated earnings before interest, taxes, depreciation, and amortization of P23 billion during the first six months of 2020, a 13 percent decrease from the P26.5 billion recorded in the same period last year,” the company said.

    AEV said its power business accounted for 49 percent of the total income contributions from AEV’s strategic business units , followed by banking and financial services (39 percent), food (14 percent), infrastructure (-1 percent), and land (-1 percent).

    Aboitiz Power Corp. posted a net income contribution of P2.9 billion, down 57 percent from P6.7 billion last year, primarily due to reduced demand resulting from the enforcement of COVID-related community quarantines, as well as forced outages during the first half of 2020.

    Union Bank of the Philippines posted profit contribution of P2.3 billion, 3 percent lower than the P2.4 billion recorded last year.

    Pilmico Foods Corp., Pilmico Animal Nutrition Corp. and Pilmico International Pte. Ltd., posted income contribution of P795 million, up 44 percent from P552 million in 2019.

    Aboitiz Land Inc. posted a net loss of P39 million compared to a P60 million profit last year.

    It contributed P1.1 billion in revenues for the first half of 2020, 20 percent lower than the revenue contributions from the same period in 2019.

    Republic Cement & Building Materials Inc. posted a net loss contribution of P10 million to AEV compared to a P249 million profit contribution last year.