Aboitiz Equity Ventures Inc. reported a 47 percent fall in consolidated net income to P8.3 billion in the first nine months of 2020 from the P15.7 billion posted in the same period of last year.
In a disclosure to the Philippine Stock Exchange, the firm said it recognized non-recurring losses of P5 million for the first nine months of 2020, versus the P155 million in non-recurring losses recorded during the same period in the previous year.
Without these one-off losses, AEV’s core net income for the first nine months of 2020 was P8.3 billion, 48 percent lower than the P15.9 billion recorded in the corresponding period last year.
Power accounted for 49 percent of the total income contributions from AEV’s Strategic Business Units (SBU) during the first three quarters of 2020, while Financial Services accounted for 39 percent.
Income contributions from Food, Infrastructure, and Real Estate SBUs were at 9 percent, 3 percent, and 1 percent, respectively.
"The first nine months of the year brought about unprecedented challenges that truly tested the resilience of the nation and the Aboitiz Group as well. We saw some signs of recovery in the third quarter, but we will continue to operate with caution and focus on providing the country with the services it needs to cope and recover,” said Aboitiz Group President Sabin M. Aboitiz.
AEV recorded consolidated net income of P4.4 billion for the third quarter of 2020, a 35 p ercent decrease from the P6.8 billion reported during the corresponding period in 2019.
On a stand-alone basis, AboitizPower’s core net income for the first nine months of 2020 was P6.5 billion, 53 percent lower than what was recorded in the same period last year,
The income contribution of Union Bank of the Philippines to AEV for the first three quarters of 2020 amounted to P4.3 billion, 2 percent higher than the P4.2 billion recorded in the same period last year.
AEV’s non-listed food subsidiaries’ income contribution to AEV amounted to P969 million for the first three quarters of 2020, 5 percent lower than the ₱1.0 billion recorded in the same period in 2019.
AEV’s real estate businesses, comprising AboitizLand, Inc. (AboitizLand) and its subsidiaries, reported a consolidated net income of P85 million for the first nine months of 2020, 90 percent lower than the P829 million in income recorded in the same period last year.
For the Infrastructure group, Republic Cement & Building Materials, Inc. reported a net income of P400 million for the first nine months of 2020, 37 percent lower than the P631 million in net income recorded during the same period last year.