LISTED Aboitiz Equity Ventures Inc.’s (AEV) net income decreased to P22 billion last year, attributed to the lower contribution of its power arm to overall earnings. Core net income without non-recurring gains dropped by 7 percent to P21.5 billion from P23.1 billion a year earlier. On a standalone basis, the power unit recorded a 30-percent decline in core net income to P16.6 billion last year due to reduced profits from its generation and retail electricity supply businesses. The lender made up 30 percent of AEV’s net income in 2019. Real estate unit AboitizLand ended last year with a 46-percent increase in consolidated net income to P943 million, due to fair valuation gains on investment properties.

Source: Manila Times March 10, 2020 17:48 UTC