Aboitiz Equity 2012 income lifted by power unit

Mar 6, 2013 11:15 AM PHT

Rappler.com

SUMMARY

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The holding firm of the Aboitiz family records higher income contributions from all units, especially its power generation and distribution arm

Erramon Aboitiz, president and chief executive of Aboitiz Equity Ventures, poses for a photo in front of his office in Cebu City. Photo by AFP

MANILA, Philippines – Aboitiz Equity Ventures Inc. (AEV) ended 2012 with a consolidated net income of P23.9 billion, up 13% from 2011, mainly on higher contribution from its power unit.

Aboitiz Power Corp. accounted for 78% of the group’s earnings, contributing P18.8 billion, versus 2011’s P16.5 billion, AEV said in a statement on Wednesday, March 6.

The banking and food units had shares of 16% and 5%, respectively. The banking group (Union Bank of the Philippines and City Savings Bank) contributed P3.9 billion income, 12% higher than 2011, while the food unit Pilmico Foods Corp. turned in P1.3 billion, up 5%.

AEV’s bottom line reflected one-time foreign exchange gains and losses stemming from higher fuel cost, revenue adjustment of one subsidiary and debt payments.

Without these extraordinary items, AEV’s core net income for 2012 stood at P23.4 billion, up 12% year on year. – Rappler.com