Conglomerate Aboitiz Equity Ventures said it posted a net income of P4.7 billion in the first quarter, down by 7 percent from the same period last year because of foreign exchange losses.
AEV said in a disclosure to the stock exchange higher contributions from associates brought core net income to P5.1 billion in the quarter, up from P4.9 billion a year ago.
AEV said it recognized non-recurring losses of P442 million, compared to last year’s gain of P186 million from forex movement, upon the revaluation of dollar-denominated liabilities and mark-to-market losses on derivatives.
Consolidated earnings before interest, tax, depreciation and amortization climbed 14 percent to P12.7 billion in January to March.
Aboitiz Power Corp., the conglomerate’s power unit, saw its net income fall 13 percent in the first quarter to P4.4 billion. Core income, however, rose 4 percent to P5 billion.
AboitizPower’s attributable net energy sales were flat in the first quarter at 3,448 gigawatt-hours as the contribution of GNPower Mariveles Coal Plant Ltd. Co. and the increase in hydro plants’ output were offset by the outages of Therma South, the lower dispatch of oil units and lower steam supply affecting the Tiwi plant output.
“We continue to leverage on our portfolio of renewable and thermal power plants, giving us the flexibility to respond to the needs of our customers and the market while assuring our customers of reliability of supply and our technical support,” said Aboitiz Power president and chief operating officer Antonio Moraza.
AboitizPower’s distribution business posted sales of 1,208 gWh. “Our distribution units continue to grow, riding on the expanding economy, renewed confidence in our government and the continued influx of investments into our distribution areas,” Moraza said.
Financial arm Union Bank of the Philippines and its subsidiaries recorded a net income of P2.2 billion in the first quarter, or 27 percent higher than P1.7 billion a year earlier.
The increase in net income of UnionBank was largely to the sustained growth in recurring income, coupled with trading profit.
AEV’s wholly-owned food subsidiaries’ Pilmico Foods Corp., Pilmico Animal Nutrition Corp. and Pilmico International Pte Ltd.’s combined income contribution in first quarter decreased 25 percent to P292 million from P389 million.