AEV net income up 40% to P1.575B in 2001

Aboitiz Equity Ventures, the publicly-listed holding company of the Aboitiz Group, reported an unaudited income of P1.575 billion in 2001, up 40 percent over the previous year.

In a disclosure to the Securities and Exchange Commission (SEC), AEV said its power companies under Aboitiz Power Corp. continued to be the primary earnings driver for the group, posting a net income of P1.172 billion in 2001.

According to AEV, its earnings before interest, taxes, depreciation and amortization (EBITDA) increased to P3.157 billion, up by 35 percent from 2000 figures. As a result, earnings per share went up by 42 percent to P0.304.

AEV said APC’s electricity distribution utilities in Mindanao-Davao Light & Power Co. (DLPC) and Cotabato Light & Power Corp. (CLPC) – contributed P346 million and P49 million respectively while Visayan Electric Co. contributed P143 million.

AEV also reported that in the north, APC’s Benguet-based Hydro Electric Development Corp. generated P83 million while Luzon Hydro Corp. contributed P425 million to the total income.

APC’s latest power investment, San Fernando Electric Power & Light Co., contributed P18 million to AEV’s 2001 bottom line.

The generating plants Western Mindanao Power Corp. and Southern Philippines Power Corp. contributed P139 million and P54 million respectively.

Overall, AEV said APC’s income contribution to the Aboitiz Group increased by 53 percent, boosted mainly by revenues from the partial operation of its 70-megawatt Bakun AC hydro power project in Benguet.

Although its operations were interrupted in the middle of last year due to typhoon Feria, AEV said the corporation was fully covered for both plants damaged and business interruption insurance.

The company has taken the conservative approach and has not booked any expected proceeds from the business interruption claim and AEV said it intended to do this only when the proceeds have actually been collected.

On the other hand, AEV said its banking subsidiaries contributed P389 million to its total income, an increase of 37 percent compared to its 2000 contribution.

AEV’s Union Bank, tagged as the top retail bank in the country, contributed P379 million, up by 37 percent. City Savings Bank, on the other hand, contributed P379 million, up by 37 percent. City Savings Bank, on the other hand, contributed P11 million. AEV said its other investments earned P238 million, a whopping 208-percent increase compared to 2000 figures. The group said this was mainly due to the good performance of the transport and food subsidiaries.

AEV said its Pilmico Foods Corp. contributed P175 million while WG&A, formerly the flagship business of the Aboitiz Group, contributed P81 million.

WG&A managed to reverse its net loss of the previous year as the company enjoyed increased passenger and cargo traffic during its fiscal year.