Aboitiz Equity Ventures Inc. said Wednesday consolidated net income jumped 276 percent in the first quarter to P7.6 billion from P2 billion in the same period in 2020.
The company said core net income surged 243 percent in the first quarter to P7.8 billion after it recognized non-recurring losses of P219 million during the period, compared to P262 million in non-recurring losses in the same period in 2020, which were primarily due to the goodwill write-off related to City Savings Bank Inc.
Power accounted for 58 percent of the total income contributions from AEV’s strategic business units in the first quarter, while financial services accounted for 29 percent.
Income contributions from food, infrastructure, and real estate SBUs were at 8 percent, 4 percent, and one percent, respectively.
“The first quarter of 2021 is solid proof that the Aboitiz Group is already making headway in its recovery and growth plans for the year. I can never emphasize enough the crucial role that our A-People, with their unwavering passion and resilience, have played in pushing our organization to thrive in times of great uncertainty,” said Aboitiz Group president and chief executive Sabin Aboitiz.
Aboitiz Power Corp. recorded consolidated net income of P6.2 billion in the first quarter, or 200 percent higher than P2.1 billion last year.
Aboitiz Power’s core net income in the first quarter reached P6.2 billion, or 197 percent higher year-on-year.
These improvements offset the lower demand for power brought about by the continued enforcement of COVID-related community quarantines.
Union Bank of the Philippines’ income contribution to AEV in the first three months amounted to P2.4 billion, up by 79 percent from P1.3 billion a year ago.
