Aboitiz Equity Ventures Inc. said Friday its first-quarter net income rose 2 percent year-on-year to P4.0 billion, tamed by non-recurring losses.
The diversified investment holding company said it recognized non-recurring losses of P593 million during the quarter, primarily due to foreign exchange losses from the revaluation of US dollar cash and liquid financial instruments.
In the first quarter of 2022, Aboitiz Equity booked non-recurring gains of P742 million for the corresponding period in 2022.
The company recorded consolidated earnings before interest, tax, depreciation and amortization of P17.9 billion, an increase of 38 percent.
Power accounted for 73 percent of the total income contributions from the strategic business units of Aboitiz Equity in the first quarter of 2023, while financial services accounted for 33 percent. Income contributions from real estate, infrastructure, and food SBUs were at 2 percent, 1 percent, and -10 percent, respectively.
