AEV net income declines

By: 9 years ago

Aboitiz Equity Ventures, Inc. (AEV) said its consolidated net income declined 18 percent to P7.8 billion in the first half of this year.

This translates to P1.41 in earnings per share, the company said in a disclosure to the Philippine Stock Exchange.

In the second quarter alone, AEV reported a consolidated net income of P3.7 billion, down 19 percent year-on-year, due to a non-recurring loss of P118.3 million vis-à-vis last year’s one-off gain of P314.6 million.

This was mainly driven by foreign exchange losses resulting from the revaluation of consolidated dollar-denominated loans and placements of its power strategic business unit.