Aboitiz Equity Ventures, Inc. (AEV) saw its earnings dip in 2017, after incurring higher losses from the operations and refinancing of costs for its power business.
In a disclosure to the stock exchange on Friday, March 9, AEV said its net income last year stood at P21.6 billion, 4% lower than the P22.5 billion it generated in 2016. The company attributed the decrease to non-recurring losses for the period, which swelled to P2.3 billion against 2016’s P347 million.
Excluding these one-off losses, AEV’s earnings would have increased by 5% to P23.9 billion.
“While we faced challenges that tested the resilience of our portfolio, these results still showed the underlying strength of our core operating businesses, prompting our optimism on the long-term fundamentals of our businesses,” AEV President and Chief Executive Officer Erramon I. Aboitiz said in a statement. — Arra B. Francia