BY ANGPING & ASSOCIATES SECURITIES
Aboitiz Equty Ventures (AEV) posted a 13.0% decline in 2014 net profit to PHP 18.4 billion due to lower earnings contributed by its power and banking businesses.
For 4Q2014, AEV’s net profit fell by 8.0% to PHP 4.1 billion.
The power business accounted for 71.0% of total earnings, followed by banking, food and land development, with a respective income contribution of 18.0%, 7.0%, and 4.0%.
AEV’s core net income for 2014 dropped by 15.0% to PHP 17.9 billion.
A non-recurring gain of PHP 436.0 million was incurred from the revaluation of the consolidated dollar denominated liabilities and placements of its flagship power unit and a one-off gain of PHP 634.0 million from the sale of a couple investments.