This represents earnings per share of P0.36. The company reported that earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 20 percent to P3.38 billion.
AEV noted a strong second quarter growth coming from its four business groups, especially its power and banking units that contributed to a net income of P1.09 billion, a 38- percent increase year-on-year.
In its disclosure to the Philippine Stock Exchange, AEV’s power group, consisting of distribution and generation, contributed P1.03 billion in the first semester, up 86 percent over the same period last year.
The power distribution group contributed P573 million. All its power distribution utilities registered significant earnings growth, due mainly to higher margins and increased operating efficiencies.
Its power generation unit also performed well, with all the power generating companies registering income growth. Both the new Bakun supplemental water project of Luzon Hydro and the newly acquired Talomo mini-hydro facility started operations in the first half.
The power generation group’s income contribution was P453 million, a 164-percent increase from last year.
The banking group also turned in a robust performance, contributing P569 million to AEV which was a 49-percent improvement during the same period in 2004.
Union Bank did better than expected, due mainly to increased returns from its capital markets business, cash management services, consumer finance, and asset recovery.
On the other hand, AEV’s food group Pilmico Foods Group, pumped in P211 million, almost equal to the previous year’s first-half income. Healthy operating margins were maintained throughout the various food business units.
The transport group, the Aboitiz Transport System Corp., contributed P153 million in the first six months, down 54 percent from the same period last year.
However, a strong performance in this year’s second quarter made up for the net loss in the first quarter. Aboitiz Transport posted P330 million in net income after tax in the second quarter ending June 2005.