AEV net income falls during tough year
The company recognized non-recurring gains of P738 million, which was lower than the P5.3 billion in non-recurring gains recorded during the same period in 2022
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The company recognized non-recurring gains of P738 million, which was lower than the P5.3 billion in non-recurring gains recorded during the same period in 2022
Listed holding firm Aboitiz Equity Ventures Inc., or AEV, recorded a consolidated net income of P18 billion for the first nine months, or 16 percent lower than the P21.4 billion a year ago.
The company recognized non-recurring gains of P738 million, which was lower than the P5.3 billion in non-recurring gains recorded during the same period in 2022.
Without the one-off gains, the company's core net income was P17.3 billion, an eight percent increase year-on-year.
The company's net income in the third quarter was P7.6 billion, a 21 percent decrease from the P9.6 billion recorded during the corresponding period in 2022.
Non-recurring gains reached P1.4 billion during the period, primarily due to foreign exchange gains arising from the revaluation of cash and liquid financial instruments, compared to the P2.6 billion in non-recurring gains for the corresponding period in 2022.
Core at P6.2B
Without the one-off gains, the company's core net income for the third quarter was P6.2 billion, which was 12 percent lower from a year ago.
AEV reported flat consolidated earnings before interest, tax, depreciation and amortization of P21.4 billion.
Power accounted for 70 percent of the total income contributions from AEV's strategic business units while financial services accounted for 20 percent.
Income contributions from infrastructure, real estate and food were at 4 percent, 4 percent and 3 percent, respectively.
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