Earnings before interest, taxes, depreciation, and amortization (EBITDA) also improved 39 percent to P1.598 billion.
Aboitiz Power Corp., AEV’s electricity business holding company, contributed P554 million, 73 percent better than last year. Contributions from new investments such as Luzon Hydro and San Fernando Eelctric helped boost the earnings, while other businesses like Davao Light, Visayan Electric, Western Mindanao Power and Southern Philippines Power also posted healthy earnings growth.
AEV’s banking investments, UnionBank of the Philippines and City Savings Bank, also reflected improved results, with combined earnings contribution growing by 29 percent to P177 million.
The other investments of AEV together added P164 million, 52 percent better than last year, as a result of improved earnings from the transport group and Pilmico Foods.
Parent company expenses and preferred share dividends amounted to P91 million, reducing net income to common shareholders to P804 million. Earnings per share for the six-month period was P0.15 against P0.11 per share last year.
For the second quarter alone, AEV earned P606 million, representing a 93-percent improvement over the same period last year. While the power businesses were primarily responsible for the earnings growth, AEV’s banking, food and transport investments all showed marked improvements in earnings contribution.
Despite the addition of new investments in power, most of which area already adding to AEV’s profitability, AEV’s balance sheet remains sound, with a current ratio of 1.57 and a debt to equity ratio of 0.57 on a consolidated basis. Book value per share has increased to P2.56.