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MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV) said its first-quarter profit rose by more than a fourth as its power unit's income grew in the low teens.
The holding company of the Aboitiz group told the local bourse that it earned P5.9 billion in the January to March period, 27 percent higher than the P5.5 billion in the same three-month period last year.
Aboitiz Power Corp. (AP) accounted for 73 percent of the conglomerate's net income, while its banking subsidiary chipped in 23 percent. The food unit's share fell to four percent.
AP's profit contribution increased a tenth to P4.3 billion following a five-percent increase in average selling prices and 13-percent rise in net generation.
When adjusted for non-recurring items, the power unit's earnings share advanced by a tenth to P3.9 billion.
Union Bank of the Philippines and City Savings Bank turned in a mixed performance, but their income contribution surged 215 percent to P1.3 billion this year.
Higher trading gains and premium revenues lifted the earnings share of UnionBank by 285 percent to P1.2 billion.
The profit share of non-listed thrift bank City Savings slid four percent to P99 million as a 27-rise in operating expenses due to the implementation of the bank's expansion program offset the 18-percent climb in net interest income.
Wholly owned food manufacturing unit Pilmico Foods Corp. recorded a 22-percent decline in its income contribution from P282 million to P219 million, dragged by higher input costs of its feed and swine units.
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