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In a disclosure to the Philippine Stock Exchange, AEV said it recognized non-recurring losses of P477 million during 2020 versus the P516 million in non-recurring gains recorded in 2019.
Without these one-off losses, AEV’s core net income for 2020 was P15.9 billion, 26 percent lower than the P21.5 billion recorded in 2019.
For the fourth quarter, AEV posted a consolidated net income of P7.1 billion last year 2020, a 13 percent increase from the P6.3 billion reported in the same period of 2019.
The Company recognized non-recurring net losses of P472 million during the period, compared to the P671 million in non-recurring net gains for the corresponding period in 2019.
Aboitiz Equity net income up 13% in Q4
Published March 8, 2021 7:09pm Aboitiz Equity Ventures Inc. posted a double-digit increase in its profits during the fourth quarter of 2020, but this was not enough to offset losses the company incurred earlier in the year due to the COVID-19 pandemic. In a regulatory filing, Aboitiz Equity said its net income rose by 13% to P7.1 billion in the last three months of 2020 versus the P6.3 billion the same period in 2019. Aboitiz Equity recognized non-recurring net losses of P472 million during the period versus the P671 million in non-recurring net gains in 2019. Without these, AEV said its core net income was 34% higher at P7.6 billion.
The Aboitiz Group is fully embracing the use of digital technology, pushing for further innovation, a change in the way that it operates its various businesses through the use of data-driven solutions and Artificial Intelligence.
For a hundred year-old company that has witnessed how technology has progressed from the beginning of the 20th century to what it is today, Aboitiz has no plans on stopping.
“Data Science and Artificial Intelligence (DSAI) are transformative capabilities that will accelerate the Aboitiz Group’s productivity, drive business value, and open up new revenue streams,” Aboitiz Group president and CEO Sabin M. Aboitiz said.