Aboitiz Equity Ventures 9mo profit up 12%

Posted at 10/31/12 9:57 AM

MANILA, Philippines - Earnings of Aboitiz Equity Ventures, Inc. rose by an annual 12% in the nine months to September, buoyed by gains in its power and banking units.

The firm booked a net income of P18 billion in January to September from P16 billion in the same period last year, AEV said in a disclosure on Wednesday.

Aboitiz Power Corp. contributed P14.1 billion to the group's profits as higher average selling prices and a rise in net generation supported the unit's revenues during the period.

Union Bank of the Philippines, meanwhile, saw a 15% increase in its income to P3.1 billion in the nine months to September from last year amid higher net interest income and trading gains.

However, AEV's food business, Pilmico Foods Corp., recorded an annual 3% decline in its profits to P906 million as of September from year-ago levels. This was a result of rising costs for feeds and the company's swine division.