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Aboitiz Equity Ventures, Inc. posted P6 billion net income in 2nd Quarter of 2012

Aboitiz Equity Ventures, Inc. (AEV or the Company) ended the second quarter of 2012 with a consolidated net income of close to P6 bilion (bn), recording a 6% year-on-year (YOY) increase.
Out of the total earnings contributions from the Company’s strategic business units (SBU), Power accounted for 84%. Income share of the Banking and Food SBUs were at 11% and 5%, respectively.

For the three-month period in review, the revaluation of consolidated dollar-denominated liabilities and placements resulted to a non-recurring gain of P 339 milion (mn), versus last year’s P 28 mn.

In addition, the Company had to book P 228 mn in non-recurring costs to account for its share in the Power SBU’s one-off expenses relating to the (1) steam cost adjustment of its geothermal facilities relating to reimbursement made to its steam supplier for operating expenses and (2) debt prepayment costs incurred at Parent level.

Adjusting for these, AEV closed the quarter with a core net income of P 5.8 bn, up 7% YoY.

On a year-to-date (YTD) basis, AEV’s consolidated net income rose by 16% YoY to P 11.8 bn from P 10.2 bn.

This translates to P 2.14 in earnings per share. Power remained to account for the lion’s share at 79%, which was folowed by the Banking and Food SBUs with income contributions of 17% and 4%, respectively.

For the period ending June 30, 2012, the Company incurred a non-recurring gain of P 725 mn (versus last year’s P 109 mn), which resulted from the revaluation of consolidated dolar-denominated liabilities and placements.

The Power SBU booked a non-recurring net loss during the semester as the recorded gains on the redemption of shares made by its associate companies during the first quarter of 2012 were countered by the higher fuel cost booked by its geothermal plants due to reimbursements made to its steam supplier, and the debt prepayment cost incurred at Parent level.

AEV’s share in the aforementioned one-offs amounted to P 217 mn, which places AEV’s core earnings for the first semester of 2012 at P 11.3 bn, higher by 16% YoY.
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"Aboitiz Equity Ventures, Inc. posted P6 billion net income in 2nd Quarter of 2012" was written by Mary under the Business category. It has been read 1752 times and generated 1 comments. The article was created on and updated on 06 August 2012.
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