Conglomerate Aboitiz Equity Ventures (AEV) Inc. suffered a 63 percent year-on-year decline in net income to P2 billion. It was in the second quarter as most companies, except for the food segment.
COVID-19 pandemic had impacted, included lockdown protocols.
This brought AEV’s net profit for the first semester to P4 billion.
It was down by 55 percent compared to the previous year. Meanwhile, AEV disclosed to the Philippine Stock Exchange on Tuesday.
“The current COVID-19 crisis is continuing to disturb and impact our organization in various ways. Throughout this, we have paid close attention to our ability to adapt to changes. And then, prepare for uncertainties, “said Sabin Aboitiz, president of the Aboitiz group and chief executive officer.
“Our aim is unchanged for the rest of the year: to remain stable and to ensure that our business units are in the best place when we emerge from this crisis, in order to help the economic recovery of the country. We will continue to be one with the nation as One Aboitiz in their struggle against COVID-19, “Aboitiz added.
The Net Income Grew
In the first year, power accounted for 49 percent of overall sales, while the banking sector accounted for 39 percent.
The profit contribution from the food segment was 14 percent. Meanwhile, net losses were incurred by utilities and real estate companies.
The feed company, however, grew net income to P448 million by 296 percent year-on-year due to lower raw materials and cost of financing. The division of the flour company also increased its earnings contribution to P346 million by 50 percent year-on-year.
International income contribution subsidiaries grew to P502 million by 205 percent year-on-year due to Gold Coin’s increased income contribution arising from increased equity ownership.
It was along with increased volumes from Gold Coin’s activities in China, Vietnam, Malaysia, and Sri Lanka.
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