Strong power business leads AEV’s 9% profit rise to P1.2B

Aboitiz Equity Ventures Inc. (AEV) ended the first quarter of 2008 with profits of P1.18 billion, up 9 percent from 2007. Aboitiz Power Corp. (AP) accounted for the bulk of AEV's income at 67 percent followed by the banking group at 21 percent. The food group accounted for 14 percent, while the transport group turned in a negative contribution for the period. The financial services group contributed net earnings of P232 million for the first quarter, 61 percent lower than previous year's P599 million. Union Bank of the Philippines ended the quarter with an earnings contribution of P222 million, 62 percent lower than the first quarter of 2007. Nonlisted thrift bank, City Savings Bank, contributed earnings of P10 million during the period, down 39 percent from a year ago.

in Daily Tribune by Riza Recio
May 7, 2008
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