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Aboitiz Group posts P21.6b in net income

Aboitiz Equity Ventures Inc., the holding company of the Aboitiz family, said Friday it posted a net income of P21.6 billion in 2017, down 4 percent from P22.5 billion in 2016.

AEV said minus non-recurring losses, core income climbed 5 percent to P23.9 billion last year from P22.8 billion in 2016.

The company recognized non-recurring losses of P2.3 billion in 2017 on asset impairment and debt prepayment costs which were partially reduced by a one-off recognition of lower interest expense from an acquired loan.

AEV said consolidated earnings before interest, taxes, depreciation and amortization rose to P57 billion  in 2017 from P48.1 billion in 2016.

“While we faced challenges that tested the resilience of our portfolio, these results still showed the underlying strength of our core operating businesses, prompting our optimism on the long-term fundamentals of our businesses,” AEV president and chief executive Erramon Aboitiz said.

The biggest income contribution came from power business (69 percent), while banking and financial services, food, land and infrastructure strategic business units contributed 18 percent, 7 percent, 3 percent and 3 percent, respectively.

AEV’s power arm Aboitiz Power Corp. saw its net income increase 2 percent to P20.4 billion in 2017 from P20 billion a year earlier.

“Our bottomline was definitely affected with our decision to cease the operations of Aseagas. But looking at the actual performance of our operations, we have continued to grow in 2017, thanks to the improved reliability and availability of our plants,” said Aboitiz Power president and chief operating officer Antonio Moraza.

Aboitiz Power said without the one-off adjustments, the company’s core net income grew 13 percent last year to P23.3 billion from P20.6 billion in 2016.

Aboitiz Power sold 3,214 megawatts of capacity last year, up 41 percent from a year ago, with the additional capacities from GNPower-Mariveles, higher generation of hydro units and more capacities contracted.

Aboitiz Power’s attributable sales in the distribution group reached 5,288 gigawatt-hours in 2017, representing a 4-percent increase from 2016.

Union Bank of the Philippines posted a net income of P8.4 billion in 2017, or 17 percent lower than P10.1 billion in 2016, in the absence of one-off trading gains.

AEV’s non-listed food subsidiaries―Pilmico Foods Corp., Pilmico Animal Nutrition Corp. and Pilmico International Pte. Ltd.--reported a net income of P1.70 billion, or 2 percent lower than 2016’s P1.73 billion.

Topics: Aboitiz Equity Ventures Inc
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