Lower power demand drags Aboitiz Equity Ventures net income in H1

ABS-CBN News

Posted at Jul 28 2020 12:20 PM

MANILA - Aboitiz Equity Ventures said Tuesday its net income for the first half declined, dragged by the lower income contribution of its power unit due to the coronavirus pandemic. 

Net income reached P4 billion, down 55 percent compared to P9 billion during the same comparable period last year, the company told the stock exchange.

Reduced power demand and forced outages offset the decrease in purchased power costs in the first half, it said. 

Consolidated earnings before interest, taxes, depreciation and amortization totaled P23 billion for the first half, 13 percent lower than the P26.5 billion last year, it said.

“The current COVID-19 crisis continues to disrupt and impact our organization in different ways. Throughout this, we have given significant attention to our ability to adapt to changes and to prepare for uncertainties,” said Aboitiz Group president and chief executive officer Sabin M. Aboitiz.

The group is optimistic for a better economy in the second half and remains committed to support the country's COVID-19 fight and recovery efforts, Aboitiz said.