The Aboitiz Equity Ventures Inc. has increased its net income in 2016, with 65 percent of it coming from the power business.
AEV disclosed that its consolidated net income rose 27 percent to P22. Billion last year from P17.7 billion.
Aboitiz Power Corp ended 2016 with an income contribution of P15.4 billion, 14 percent more from P13.5 billion driven by its generation business.
The generation business accounted for 82 percent and recorded an income share of P16.3 billion in 2016, this is largely contributed by Therma South.
But, the contribution of the power distribution segment went down by four percent to P3.7 billion or 18 percent of the total.
AEV’s core net income only rose 25 percent to P22.8 billion after a non – recurring loss of P347 million versus 2015’s loss of P602 million because of the power business’ mark – to – market revaluation of dollar – dominated assets and liabilities refinancing costs and goodwill impairment.
“Through our value creation efforts, we are poised to take advantage of the tailwind our growing economy brings. The gains we recorded over 2016 affirm the soundness of our business strategy of creating a diversified income stream,” AEV president and CEO Erramon Aboitiz said.