Aboitiz Equity Ventures Inc., the holding company of the Aboitiz Group, reported a three-percent increase in consolidated net income to P22.2 billion in 2018 from P21.6 billion in 2017.
“We remain confident about the long-term prospects of our businesses in fueling our country’s economic growth, which, in return, generates greater demand for our products and services,” said AEV president and chief executive officer Erramon Aboitiz in a statement.
AEV said non-recurring losses reached P891 million from previous year’s P2.3 billion, consisting of net unrealized foreign exchange losses and asset impairment costs.
Without the one-off losses, core net income in 2018 totaled P23.1 billion, down three percent from P23.9 billion in 2017.
“From investing to meet infrastructure demand to providing innovative solutions to empower small businesses, and through our new multi-country platform, we leverage our capabilities to drive change for a better world by advancing business and communities,” Aboitiz said.