CONGLOMERATE Aboitiz Equity Ventures Inc. saw a 7-percent year-on-year decline in nine-month net profit to P15.9 billion due to slower earnings from its banking, food and cement businesses alongside non-recurring foreign exchange losses.
AEV booked one-time foreign exchange losses of P1.2 billion – much larger than last year’s foreign exchange losses of P17 million – from the revaluation of dollar-denominated loans and pre-termination costs on refinancing. Without the one-off items, AEV’s core net income was flat at P17.1 billion versus last year’s level.
“In the first nine months of the year, we faced challenges that tested the resilience of our portfolio and showed the underlying strength of our core operating businesses. We remain optimistic on the long-term fundamentals of our businesses, and we look forward to continuing to advance business and communities in the execution of our growth strategy,” AEV president and chief executive officer Erramon Aboitiz said.