Aboitiz firm hikes profits 16% to P11.8B
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Published on Tuesday, 07 August 2012 00:00
By A Web design Company
Aboitiz Equity Ventures Inc. said net profit for the first half of the year reached P11.8 billion, 16 percent higher than last year, powered by a 79 percent jump in the company’s electricity business.
The profit translates to earnings per share of P2.14.
“Aboitiz’s power business continued to account for the lion’s share, at 79 percent, of the company’s income contributions from its strategic business units, followed by the banking and food units with income contributions of 17 percent and 4 percent, respectively,” the company said in a statement.
Aboitiz posted a non-recurring income of P725 million – versus last year’s one-off gain of P109 million – resulting from the revaluation of consolidated dollar-denominated liabilities and placements.
Its electricity-generation unit, Aboitiz Power Corp., booked a non-recurring net loss during the semester as recorded gains from the redemption of shares by its associate companies in the first quarter of 2012 were offset by higher fuel costs booked by its geothermal plants due to reimbursements made to its steam supplier and the debt prepayment cost incurred at the parent level.
“Aboitiz’s share in the aforementioned one-offs amounted to P217 million, which places AEV’s core earnings for the first semester of 2012 at P11.3 billion, higher by 16 percent year on year,” the company said.
For the second quarter, Aboitiz reported a profit of “close to P6 billion”, a 6 percent increase over last year.
“For the three-month period in review, the revaluation of consolidated dollar-denominated liabilities and placements resulted in a non-recurring gain of P339 million versus last year’s P28 million. In addition, the company had to book P228 million in non-recurring costs to account for its share in the power unit’s one-off expenses. These expenses were related to the (1) steam cost adjustment of its geothermal facilities relating to reimbursements made to its steam supplier for operating expenses, and (2) debt prepayment costs incurred at the parent level,” Aboitiz said. “Adjusting for these, AEV closed the quarter with a core net income of P5.8 billion, up by 7 percent year on year,” it added.
For the first half, Aboitiz’s consolidated assets reached P206 billion, up 3 percent from the end-2011 level. Cash and cash equivalents were at P30.5 billion, 3 percent higher than at the end of last year. Consolidated liabilities reached P108.8 billion while shareholders’ equity was up 2 percent at P78.8 billion.
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Article source: http://www.malaya.com.ph/index.php/business/business-news/10113-aboitiz-firm-hikes-profits-16-to-p118b