Aboitiz Equity Ventures, Inc. (AEV) grew its first quarter consolidated net income by 3% to P4.8 billion from P4.7 billion last year due to lower one-off losses representing net unrealized foreign exchange losses.
Power accounted for 64% of total income contributions, followed by Banking & Financial Services (30%), Food (6%), Land (1%), and Infrastructure (-2%).
“Our diversified portfolio gives us the resilience to sail through varying business cycles. The underlying strength of our core operations and a vibrant economy keep us optimistic on our long-term fundamentals,” Erramon I. Aboitiz, AEV President and Chief Executive Officer, said.
Aboitiz Power Corporation’s net income contribution to AEV decreased by 9% YoY from P3.4 billion to P3.1 billion, even as core net income rose by 4% to P5.2 billion from P5 billion, due to higher unrealized foreign exchange losses.
Meanwhile, Union Bank of the Philippines’ first quarter income contribution to AEV increased by 32% YoY, from P1.1 billion to P1.4 billion, driven by higher revenues.
Pilmico Foods Corporation and its subsidiaries reported a net income of P264 million for the first quarter of 2018, 10% lower than 2017’s P292 million, due mostly to the higher cost of raw materials and operating expenses.
Aboitiz Land, Inc. and other subsidiaries reported a net income of P59 million for the first quarter of 2018, down 18% YoY due to increased borrowing expenses for the funding of developments.
On the other hand, Republic Cement and Building Materials, Inc.’s income contribution to AEV decreased 140% YoY from a P202 million net income to a net loss of P82 million, mainly due to energy input costs, which were higher compared to the same period last year.