Aboitiz Equity Ventures Inc. registered a consolidated net income of ₱3.5 billion in the first quarter of 2019, down 27 percent from ₱4.8 billion year-on-year, due to the lower contribution of business units.
“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 Aboitiz.
AEV recorded consolidated earnings before interest, tax, depreciation and amortization of ₱12.4 billion, 11 percent lower from ₱13.9 billion on year.
Power accounted for 71 percent of the total income contributions, followed by banking and financial services (27 percent).