MANILA, Philippines - Aboitiz Equity Ventures, Inc. saw its consolidated net income rise by 13% to P23.9 billion in 2012 from a year earlier.

"Power remained to account for the lion's share at 78%, which was followed by the banking and food SBUs (strategic business units) with income contributions of 16% and 5%, respectively," AEV said in a disclosure on Wednesday.

Doing away with non-recurring income, AEV said its core earnings last year grew 12% to P23.4 billion.

For the fourth quarter alone, the firm raked in P5.9 billion in consolidated net income, up 15% from the previous year. Power accounted for 79% of the profits, followed by AEV's banking (13%) and food (7%) units.