Power, banking units boost Aboitiz Equity 9-mo profits by 12%

MANILA, Philippines - Listed conglomerate Aboitiz Equity Ventures posted a 12% increase in net income to P18 billion in the first 9 months of 2012, boosted by strong performance of its power and banking units, as well as one-time gains.

In a disclosure on Wednesday, October 31, the holding firm of the Aboitiz group said its main cash cows, Aboitiz Power Corp. and Union Banking Corp., benefited from higher power demand and interest income, respectively.

The power unit contributed 78% of the group's profits while the banking and food unit, Pilmico Foods Inc. accounted for 16% and 4%, respectively. One-time gains during the period reached P894 million.

For the July-to-September period, the holding group earned P6.2 billion, up 7%.

Below is a summary of how the different business units performed in the first 9 months:

Aboitiz Power Corp

Union Bank

Pilmico Foods Corp.

- Rappler.com