MANILA - Conglomerate Aboitiz Equity Ventures (AEV) said its third quarter net income dropped 35 percent as the group's units took a hit from the lockdowns imposed to curb the spread of COVID-19 which shrunk demand.
AEV said consolidated net income declined 35 percent to P4.4 billion from P6.8 billion in the same quarter a year ago, bringing its January to September profit at P8.3 billion lower by 47 percent on year.
Major contributor Aboitiz Power posted a net profit of P3.3 billion, sliding 32 percent in the third quarter.
"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 Sabin Aboitiz, President and CEO of AEV.
The power business contributed 49 percent to AEV’s income, while financial services comprised 39 percent, food at 9 percent, infrastructure 3 percent and real estate, 1 percent.
“We continue to carry out our initiatives to ensure the availability, reliability, and efficiency of our power plants and distribution units. Despite the challenges and uncertainties, our growth strategy for the next 10 years remains the same — to significantly grow our renewables portfolio and shift our overall energy mix into an almost 50:50 Cleanergy and thermal capacities by 2030,” Rubio said.