CEBU CITY, Philippines — Although the coronavirus 2019 outbreak has adversely affected the country’s economy, the Aboitiz Equity Ventures Inc. (AEV) still generated P2-billion net income for the
However, the figure is 42 percent lower when compared to its P3.5 billion net income recorded in the same period last year.
AEV recorded consolidated earnings before interest, tax, depreciation and amortization of ₱11.8 billion, which was five percent lower YoY. Union Bank of the Philippines contribution to AEV’s income amounted to ₱1.3 billion, 23 percent higher than the ₱1.1 billion recorded in the same period last year. The bank and its subsidiaries net income reached ₱2.6 billion, 22 percent higher than the ₱2.2 billion recorded in the same period last year.
This was due to the increase in income contribution of Gold Coin Management Holdings Limited resulting from increased equity ownership and increased volumes from Gold Coin’s China, Vietnam, Malaysia, and Sri Lanka operations. The growth resulted from strong demand growth during the first two months of the year. However, construction activities in March slowed down due to the Luzon-wide enhanced community quarantine.
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