2010: A great year for Aboitiz Corporation

Last Monday, the Aboitiz Equity Ventures (AEV) held a presscon to coincide with its annual stockholders meeting held at the Radisson Blu Hotel. President Erramon I. Aboitiz President & Chief Executive Officer and its Chairman of the Board Jon Ramon Aboitiz gave shareholders a robust report that show AEV ending the year 2010 with consolidated revenues close to P75 billion or a 113% increase from the previous year, all due to the acquisitions of AboitizPower. AEV’s operating income contribution from these assets enhanced its cash generating capability that resulted in an Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of over P40 Billion or a huge increase of 156% from the previous year.

AEV hit a record-high consolidated net income of P21.9 Billion in 2010 or a 163% increase compared to the previous year. AboitizPower ended the year 2010 with an income distribution of P19.1 billion or 342% higher than the previous year. Its consolidated revenues rose up to around P60 Billion, recording a total of 157% year-on-year growth. AEV’s remarkable economic growth seems to pattern the economic growth of Cebu, which makes us Cebuanos proud of this well-managed company, which incidentally, was bestowed the rare honor and distinction as “Overall Best Managed Company in the Philippines for the Year 2010” by AsiaMoney Magazine.

The 2010 is the final year for the Aboitiz Group of Companies as a major player in the Philippine Maritime Industry. Last Dec. 2010, Pres. Montxu confirmed to us that AEV finally divested its entire holdings in its core business, the Aboitiz Transport System (ATS) to Negros Navigation Company (Nenaco). Henceforth, the names ATS, Cebu Ferries and 2Go are no longer owned by the Aboitiz Group of Companies but they are still very much a major player in the nation’s shipping industry.

Now AEV can concentrate on its core business that has allowed it to grow phenomenally. Expect Aboitiz to invest more in power generation projects, like what they are doing in Davao del Sur, putting up a 300 MW “Cleanergy” power plant similar to the technology they have introduced in Sangi, Toledo City. For AEV, the year 2010 was a resounding year and we can predict that this year will even be better for this Cebuano owned company, which is the best managed company in this country.

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Malacañang has threatened to prosecute for sedition those who are against the passing of the Reproductive Health (RH) Bill, who have vowed to conduct a civil disobedience against the Aquino government. Call it ironic that the term civil disobedience emanated from the lips of the late Tita Cory Aquino, the mother of Pres. Benigno “PNoy” Aquino, III, who, together with the opposition against the Marcos dictatorship, waged their struggle for freedom. Now in his Presidency, he is faced with the prospect of a civil disobedience scenario supported by the Catholic Church.

My readers know that I’m totally against the passing of the RH Bill, however I will not resort to civil disobedience like not pay my taxes so as not to expose myself to a potential lawsuit by the government, especially this government that is known to be so vengeful. But I will support this call if others who are against the passing of the RH Bill would go to this extreme call to action against the Aquino administration, which doesn’t care about killing the unborn inside a mother’s womb.

What is happening in the RH Bill controversy no doubt has polarized the Filipino people. Thanks to TV debates like ABS-CBN’s Harapan and GMA-7’s forthcoming debate, which has allowed the Filipino people to choose which side of the morality fence do they belong? Those who profess to belong to the sheepfold (meaning, the Catholic Church) of our Lord Jesus Christ do not support the RH Bill. But there are Catholics who are only Catholics in name who proudly claim to be Catholic, yet they do not obey its doctrines. Hence, I dare say that it is better for these people to shift to other Christian churches because obedience to the Magisterium or teachings of the Church is part of our being Catholic.

But while the Liberal Party, headed by Pres. Benigno “Noynoy” Aquino, III, controls Congress, they do not have the same luxury in the Philippine Senate. Hence, those of us who are against the passing of the RH bill can take comfort from the statement of Senate President Juan Ponce Enrile that the RH Bill is not a priority in the Senate. I love the way Sen. Enrile issued his statement saying, “As far as we are concerned here, I don’t think it is a priority. I’ll be very frank with you. As far as I’m concerned, I am not ready to tinker with anything that is an act of God.” Sen. Enrile is more than 85 years old and surely he doesn’t want to offend God at this stage in his life.

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