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Published April 29, 2021 11:49am Conglomerate Aboitiz Equity Ventures Inc. (AEV) saw a massive recovery in the first quarter of 2021, on the back of strong performance across its businesses. In a disclosure to the Philippine Stock Exchange, AEV reported a consolidated net income of P7.6 billion for the January to March period, up 276% from the P2 billion recorded in the same period in 2020. “The first quarter of 2021 is solid proof that the Aboitiz Group is already making headway in its recovery and growth plans for the year,” said Sabin Aboitiz, Aboitiz Group president and CEO. The company said its power business accounted for 58% of the total income contributions during the period while financial services accounted for 29%.
Published April 28, 2021, 5:00 PM
Aboitiz Equity Ventures Inc. recorded a 276 percent surge in consolidated net income to P7.6 billion for the first quarter of 2021 from the P2.0 billion reported in the same period in 2020.
In a disclosure to the Philippine Stock Exchange, the firm said it recognized non-recurring losses of P219 million during the period under review, compared to the 262 million in non-recurring losses for the corresponding period in 2020, which was primarily due to the goodwill write-off related to City Savings Bank, Inc.
Aboitiz Logo (via aboitiz.com/Manila Bulletin)
Without these one-off losses, AEV’s core net income for the first quarter of 2021 was P7.8 billionn, a 243 percent increase year-on-year (YoY).