Aboitiz Equity Ventures Inc. had a poor first quarter with profit declining 27% to P3.5 billion, dragged down by slipping margins across most business units.
Power arm Aboitiz Power Corp. saw its net earnings fall 9% to P3.6 billion due to non-recurring losses of ₱440 million. Its core net income was lower primarily due to higher volume and cost of purchased power due to exceptionally high spot market prices.
Banking arm Union Bank of the Philippines reported a 26% decline in net income to P2.2 billion even as net interest income and fee income increased.
Net income of AEV’s non-listed food subsidiaries (Pilmico Foods Corp., Pilmico Animal Nutrition Corp. and Pilmico International Pte. Ltd. – which now includes Gold Coin Management Holdings Ltd.) fell 48% to ₱137 million due to increased raw materials costs and lower selling prices of live hogs.
The property business, which comprises AboitizLand incurred a net loss of ₱44 million owing to the deferred revenue recognition of industrial lot sales combined with higher directproject expenses.
Infrastructure unit Republic Cement & Building Materials trimmed its net loss to P32 million, largely due to improved control on production costs coupled with stable market prices and robust private sector demand.