Aboitiz Equity Ventures posts 9% increase in Q3 income

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Metro Manila (CNN Philippines, November 7) - Holding company Aboitiz Equity Ventures, Inc. (AEV) on Wednesday reported a 9-percent increase in net income from January to September despite a slowdown in its banking and infrastructure businesses, according to a disclosure in the stock exchange.

Its earnings reached ₱17.3 billion, up from ₱15.9 billion during the same period last year.

"We welcome the gains posted by our strategic business units for the first nine months of the year. This reflects the strength of a focused growth strategy that endeavors to do well by doing good in advancing business and communities," Erramon Aboitiz, AEV president and CEO, said in a statement.

Of all its businesses, power had a 72 percent share of the consolidated income, followed by banking and financial services at 17 percent, food 8 percent, land 2 percent, and infrastructure 1 percent.

AEV's core net income rose by 4 percent year-on-year to ₱17.7 billion from ₱17.1 billion.

AboitizPower, the holding firm's power unit, contributed ₱12.8 billion to the earnings, 6 percent higher than the ₱12.1 billion last year.

AboitizLand also saw a 19 percent increase in net income to ₱403 million during the period, driven by revenues from its industrial, residential, and commercial projects.

AEV's non-listed food subsidiaries, Pilmico Foods Corporation, Pilmico International Pte. Ltd., and Gold Coin Management Holdings Limited, posted a ₱1.5 billion consolidated net income, 26 percent higher than last year, on the back of revenue increase in their flour and farm divisions, as well as international operation.

The share of UnionBank decreased by 5 percent to ₱3 billion after the banking unit and its subsidiaries recorded a 5 percent decline in net income to ₱6.1 billion.

Republic Cement's contribution also decreased by 12 percent to ₱221 on rising fuel and power costs.