MANILA, Philippines - The strong performance of its units, together with extraordinary gains, lifted profits of holding company Aboitiz Equity Ventures Inc. in 2009.

In a statement to the Philippine Stock Exchange, Aboitiz Equity said its net income for the last quarter of 2009 more than tripled to P2.4 billion, bringing full-year earnings to P8.3 billion, a 102% increase from what was recorded in 2008.

The company said its power division still accounted for the lion's share of last year's income, at 56%, followed by the banking group (23%), food group (16%), and the transport group (5%).

Aboitiz Equity booked a non-recurring gain of P961 million, reversing a non-recurring loss of P775 million in 2008.

Excluding this one-time gain, Aboitiz Equity's core net income was still strong at P7.3 billion, up 50% year-on-year.

Unit Aboitiz Power Corp. contributed P4.3 billion to total earnings, representing a growth of 30%, on the back of the improvement in its power generation business.

As of end-2009, Aboitiz Power's attributable capacity was 1,745 megawatts, a 202% increase. The growth was due to the turnover of the Tiwi-Makban geothermal plants, which recorded peak generation oif 467 MW, and the turnover of the dispatch control over the 700-MW contracted capacity of the Pagbilao coal-fired power plant.

Aboitiz Equity's financial services group, on the other hand, contributed net earnings of P1.8 billion in 2009, 106% higher than the previous year's P880 million.

Union Bank of the Philippines ended last year with earnings contribution of P1.7 billion, up 109% versus the bank's net income the previous year, while Aboitiz Equity's non-listed thrift bank City Savings Bank contributed earnings of P96 million, up 163%.

The transport group, meanwhile, registered a 375% increase in profit contribution to P387 million, due largely to the P2-billion reduction in its operating expenses, particularly fuel costs.

Income contribution of non-listed food subsidiary Pilmico Foods Corp. increased by 168% to P1.2 billion.

As of end-December, Aboitiz Equity's total consolidated assets stood to P143 billion, up by 89% from the 2008 level.