Aboitiz Equity's 2014 profits down 13 pct

ABS-CBN News

Posted at Mar 11 2015 02:15 PM | Updated as of Mar 11 2015 11:50 PM

MANILA – Aboitiz Equity Ventures Inc. (AEV) reported a decline in its earnings last year as income from its power and banking units dropped.

AEV said its consolidated net income for 2014 declined 13 percent to P18.4 billion from the P21 billion posted in 2013.

Its power business, Aboitiz Power Corp., posted a 10 percent drop in profits to P16.7 billion in 2014 from P18.6 billion the previous year.

The power unit contributes 71 percent of AEV’s total income.

For 2015, AboitizPower said its net attributable sellable capacity is expected to increase by 14 percent to 2,524 megawatts from 2,210 MW.

“We see ourselves as an integral partner in nation building, which is why we are consistently increasing our capacity and exploring new sources of energy,” said AboitizPower chief executive officer Erramon Aboitiz.

“We will continue to pursue development and other suitable opportunities both nationally and abroad. We will do this by leveraging on our expertise to maximize local opportunities and expand overseas via strategic partnerships,” he added.

AboitizPower, along with its partners, also said it remains committed to increase capacity by 2,000 MW in the next five years.

AEV’s banking unit Union Bank of the Philippines, which contributed 22 percent of income, saw a decline of 21 percent in income to P3.2 billion last year from the P4.1 billion the previous year due to lower trading gains.

Its food unit Pilmico Foods Corp., on the other hand, posted a 4 percent profit growth to P1.3 billion driven by its farm division.

AboitizLand Inc. also saw a surge in its 2014 income to P633 million from the P273 million in 2013 on the back of growth in all its real estate business units.

“The year 2014 does not only mark the 20th year of AboitizLand’s continued delivery of dream homes and offices, but is also the start of reaching new heights as the company achieved the P3.0 billion mark in revenue, 86 percent higher than last year’s performance,” the firm said.