Aboitiz Equity posts 5% drop in 9-month income

ABS-CBN News

Posted at Nov 04 2011 02:40 PM | Updated as of Nov 04 2011 10:40 PM

MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV), the investment holding firm of the Aboitiz family, reported a 5% drop in its net income during the first nine months to P16 billion on lower earnings contribution from its power business.

AEV said unit Aboitiz Power Corp., which accounted for bulk or 77% of its bottom line, saw "lower average selling price and net generation" during the period.

Aboitiz Power contributed P11.7 billion earnings in January to September, down 16% year on year.

AEV also said it booked a one-time loss of P28 million due to the revaluation of its dollar-denominated loans.

Meanwhile, AEV said its banking and food manufacturing subsidiaries accounted for 17% and 6%, respectively, of the consolidated net income.

Union Bank of the Philippines contributed P2.3 billion in income, up 26% from a year ago, while non-listed thirft bank City Savings Bank turned in P360 million earnings, a 227% increase from last year.

The income contribution of food unit Pilmico Foods Corp., meanwhile, fell 24% to P1.2 billion from P937 million in 2010.