Aboitiz Equity Ventures Inc. (AEV) reported a 35 percent year-on-year decline in first-quarter net income to ₱3.2 billion, down from ₱4.9 billion in the same period last year, as performance weakened across its power, banking, infrastructure, and real estate segments.
Power remained the primary contributor, accounting for 62 percent of total net income. However, Aboitiz Power Corp.’s contribution fell 39 percent to ₱2.5 billion, tempered by lower spot market prices and planned plant outages, despite gains from new solar assets and Chromite Gas Holdings Inc.
The food and beverage segment contributed ₱1.4 billion, up 54 percent year-on-year, driven by improved margins and volume growth across Pilmico units and the full quarter consolidation of Coca-Cola Europacific Aboitiz Philippines Inc.
Union Bank of the Philippines saw its net income contribution decline 28 percent to ₱702.3 million, though revenue rose 8 percent to ₱19.4 billion.
Real estate and infrastructure units posted losses, with Aboitiz Land Inc. reversing to a ₱58.3 million net loss due to lower sales and higher forfeitures. Aboitiz InfraCapital Inc. also swung to a ₱207 million loss amid higher interest expenses tied to expansion-related borrowings.
Meanwhile, AEV’s cement associate, Republic Cement and Building Materials Inc., posted a larger ₱338.1 million loss, reflecting ongoing weak market demand.
