AEV earnings down in H1

MANILA, Philippines — Aboitiz Equity Ventures Inc. (AEV) posted a 12 percent decline in its consolidated net income in the first half following lower income contributions from its business units.

AEV, in a disclosure, said its consolidated net income in the first semester declined to P11.8 billion from P13.5 billion in the same period last year.

AEV’s core net income for the period also suffered a 33 percent year-on-year drop to P9.1 billion due to reduced ownership in Aboitiz Power Corp. and extraordinary trading gains realized by Union Bank of the Philippines last year.

AEV said that if it retained the same ownership of AboitizPower and removed the extraordinary trading gains realized by UnionBank in 2021, its core net income in the first half would have been higher by 19 percent compared to the same period last year.

For its strategic business units, power accounted for 52 percent of the total income contributions while financial services accounted for 31 percent.

Income contributions from real estate, infrastructure, and food units, meanwhile, were at 12 percent, four percent, and percent, respectively.

AEV said AboitizPower’s income contribution for the first half amounted to P5.2 billion, 34 percent lower than the P7.8 billion in 2021.