AEV’s 2017 net income falls 4%

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Erramon I. Aboitiz, president and CEO of Aboitiz Equity Ventures, Inc. speaks to the press during the company's 20th listing anniversary at the Philippine Stock Exchange, Makati City, in this file photo taken on December 4, 2014. -- BW FILE PHOTO

Aboitiz Equity Ventures, Inc. (AEV) saw its earnings dip in 2017, after incurring higher losses from the operations and refinancing of costs for its power business.

In a disclosure to the stock exchange on Friday, March 9, AEV said its net income last year stood at P21.6 billion, 4% lower than the P22.5 billion it generated in 2016. The company attributed the decrease to non-recurring losses for the period, which swelled to P2.3 billion against 2016’s P347 million.

Excluding these one-off losses, AEV’s earnings would have increased by 5% to P23.9 billion.

“While we faced challenges that tested the resilience of our portfolio, these results still showed the underlying strength of our core operating businesses, prompting our optimism on the long-term fundamentals of our businesses,” AEV President and Chief Executive Officer Erramon I. Aboitiz said in a statement. — Arra B. Francia