On a year-to-date (YTD) basis, Aboitiz Equity Ventures Inc.’s (AEV) net income for the first nine months of 2019 was P15.7 billion, 9 percent lower than the P17.3 billion recorded during the same period last year.

AEV recognized non-recurring losses of P155 million, lower than the previous year’s P407 million, representing net foreign exchange and derivative losses. Without these one-off losses, AEV’s core net income for the first nine months of 2019 was P15.9 billion, 10 percent lower from P17.7 billion year-on-year (YoY). AEV recorded consolidated earnings before interest, tax, depreciation, and amortization of P44.8 billion during the first three quarters of 2019, a 2 percent decrease from the P45.5 billion recorded in the same period last year.

Power accounted for 60 percent of the total income contributions, followed by banking and financial services (25 percent), food (6 percent), land (5 percent) and infrastructure (4 percent).

Despite challenges in our power business, better operating performance in our non-power businesses provided resilience to our investment portfolio. As we fund our growth projects, we look to further broaden and strengthen our diversification in the Philippines and overseas, said Erramon Aboitiz, AEV president and chief executive officer.