MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV), the investment holding firm of the Aboitiz family, reported a 9% drop in its first-half net income to P10.2 billion on lower earnings contribution from its power business.
AEV said unit Aboitiz Power Corp., which accounted for most or nearly 80% of its bottom line, experienced "lower average selling price and net generation" during the period.
Aboitiz Power contributed P8.1 billion income in the first semester, lower compared to last year's P9.7 billion.
AEV also said its earnings fell despite one-time gains from the revaluation of its dollar debts and reimbursements given by the National Power Corp. relating to Aboitiz Power's fuel importation.
Meanwhile, AEV said its banking and food manufacturing subsidiaries accounted for 14% and 6%, respectively, of the consolidated net income.
Union Bank of the Philippines ended the first six months with earnings contribution of P1.2 billion, up 36% from a year ago. On the other hand, thrift bank City Savings Bank turned in P211 million profits, a year-on-year increase of 246%.
Income contribution from AEV's food unit, Pilmico Foods Corp., registered a 25% decline to P650 million, due to high input costs.