AEV earnings fall on forex losses, lower contrbutions from power and food units
Aboitiz Equity Ventures Inc. saw its second quarter profit decline by six percent to P5.3 billion, weighed down by foreign exchange losses and the weak performance of its power, food.
The listed holding firm of the Cebu-based Aboitiz clan booked non-recurring losses of P42 million, representing net foreign exchange losses recognized on the restatement of dollar-denominated net debt.
Without these one-off losses, the company?s core net income was six percent lower year-on-year at P5.3 billion.
This brings AEV’s six month earnings to P10.1 billion, down by two percent.
Aboitiz Power Corp.’s net income contribution to AEV during the first half fell six percent to P7 billion as it incurred non-recurring excgange losses of P1.4 billion.
Union Bank of the Philippines chipped in P2.3 billion, up nine percent year on year.
Food subsidiary Pilmico Foods Corp. reported an eight percent drop in net income to P662 million on lower contributions from the feeds and flour businesses.
Realty unit AboitizLand, meanwhile, grew its net income by 40 percent to P283 million from January to June. Revenues increased bg 30 percent to P2 billion.