AEV income dips on foreign exchange losses
Aboitiz Equity Ventures Inc. saw a two percent decline in its first semester profit to P10.3 billion, dragged down by foreign exchange losses from dollar-denominated liabilities.
AEv booked non-recurring losses of P495 million. Withoout the one-off items, AEV’s core net income rose three percent to P10.8 billion.
Banking arm Union Bank of the Philippines contributed P2.1 billion to AEV’s groupwide earnings, up nine percent year on year on sustained growth in recurring income, coupled with trading profits.
Food unit Pilmico chipped in P717 million, 19 percent lower than the previous year’s contribution on higher raw material and operating costs .
The real estate business under AboitizLand reported a 138 percent jump in net income to P202 million, mainly driven by higher sales and construction progress by the residential business unit.