AEV net profit drops 27% to 13.5 B in Q1

Aboitiz Equity Ventures, Inc. (AEV) reported a 27 percent drip in consolidated net income to 13.5 billion for the first quarter of 2019 from the 14.8 billion posted in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated earnings before interest, tax, depreciation and amortization amounted to 112.4 billion, 11 percent lower year-on-year (YoY) than the 113.9 billion logged for the first quarter of 2018.

Power accounted for 71 percent of the total income contributions, followed by Banking and Financial Services (27 percent), Food (4 percent), Infrastructure (-1 percent), and Land (-1 percent).

“Despite challenges, our long-term fundamentals remain intact. Our growth platform has expanded to 10 other countries across the Asia Pacific, providing us natural listening posts for expansion opportunities,” said AEV President and Chief Executive Officer Erramon I. Aboitiz.

He noted that, “our economy continues to grow at a healthy rate, and that is great for us Filipinos as well as all of us in business who are supplying the different consumers in the Philippines.”

Aboitiz added that, “we continue to invest in all of our units both here and abroad. We remain committed to our purpose of driving change for a better world by advancing business and communities.”

AboitizPower’s net income contribution for the first quarter decreased by 9 percent to 12.8 billion from 13.1 billion in the same period last year.

UnionBank’s income contribution to AEV declined by 25 percent to 11.1 billion, from 11.4 billion while AEV’s non-listed food subsidiaries reported a net income of 1137 million for the first quarter of 2019, a 48 percent decrease from the 1264 million recorded in the same period in 2018.

AboitizLand and its subsidiaries reported a consolidated net loss of 44 million in the first quarter of 2019, 174 percent lower than the 159 million recorded in the same period in 2018.