Conglomerate Aboitiz Equity Ventures Inc. (AEV) increased its nine-month net income to 9.3 billion US dollars, as a result of profits from power, food and real estate.
"We welcome the profits posted by our strategic business units in the first nine months of the year, reflecting the strength of a targeted growth strategy that seeks to do well by making progress in promoting business and community," said AEV Chairman and CEO Erramon Aboitiz in a statement on Wednesday.
AEV, AboitizPower, accounted for 72 per cent of total revenue from AEV's business units.
Aboitiz Power increased its revenue to AEV by 6 percent compared to the previous year to SIT 12.8 billion, as net income increased by 5 percent to 18.4 billion tolars this time.
AEVs not listed in food – Pilmico Foods Corp., Pilmico Animal Nutrition Corp. in Pilmico International Pte Ltd. – net revenues of P1.5 billion were reported, which is 26 percent more than last year.
The profit from Pilmico's flour and farm divisions contributed to the increase, as well as from Pilmico International, which recently acquired the Singaporean agribusiness company Gold Coin.
From the infrastructure group, the contribution of the Republic of Cement to AEV decreased by 12% yoy to 2222 million euros year-on-year. Despite a slight improvement in prices due to state infrastructure and private sector demand, this has been replaced by a significant increase in fuel and electricity costs.
The AboitizLand shareholding accounted for net revenue of P403 million, a 19% increase over the previous year. The increase was the result of an increase in contributions from industrial, residential and business units, while operating costs similar to those in 2017 remained.
"We are striving for opportunities that not only help accelerate the country's economic growth, but more importantly, become a catalyst for positive change through our products and services," said Aboitiz. / muf
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