Aboitiz Equity Ventures Inc. (AEV) reported consolidated net income of P6.3 billion in the first quarter of the year, nearly double the P3.2 billion posted a year earlier due to strong power and food and beverage operations. 

In a stock exchange report on Wednesday, the company said the January to March results included P43 million in non-recurring items.

Power remained the largest contributor, accounting for 56 percent of total net income from strategic business units, followed by food and beverage at 27 percent. Financial services contributed 25 percent, while real estate and infrastructure declined 1 percent and 7 percent, respectively.

Aboitiz Power Corp. reported a core net income rose 61 percent to P7.6 billion, while reported net income reached P7.9 billion, up 71 percent year-on-year. The power unit contributed P4.4 billion to AEV.

Meanwhile, Aboitiz Foods' net income contribution reached P2.1 billion, up 43 percent from P1.4 billion, driven by strong volumes and margins in agribusiness, trading, and flour, as well as higher sales and sustained market leadership of Coca-Cola Europacific Aboitiz Philippines.

UnionBank posted net income of P3.8 billion, up 167 percent. Net revenues rose 12 percent to P21.7 billion, supported by loan growth and lower funding costs. Net interest income increased 9 percent to P16.8 billion, while net interest margin expanded to 7 percent.

The group’s infrastructure unit contributed P30 million, reversing a P230 million loss last year, supported by higher airport traffic, new airport contributions, expansion in digital infrastructure, and increased water volumes. However, this was offset by a higher share in Republic Cement’s net loss, resulting in a net loss contribution of P563 million.

Its real estate segment posted a net loss of P48 million, wider than the P36 million loss a year ago, due to lower contributions from economic estates despite improved residential performance.

As of the end of March, the group’s total assets stood at P1.0 trillion. Cash rose 16 percent to P102.0 billion. Liabilities increased 2 percent to P624.1 billion, while equity remained steady at P290.6 billion.