AEV Q1 profit down 35% on lower earnings from power and banking units

Aboitiz Equity Ventures Inc. (AEV) reported a 35% decrease in its first-quarter profit, amounting to P3.2 billion, primarily due to reduced earnings from its power and banking subsidiaries.

Aboitiz Power Corp., the group's largest contributor, experienced a 39% drop in net income to P2.5 billion, attributed to lower spot market prices and planned power plant maintenance.

Union Bank of the Philippines' profit declined by 28% to P702.3 million, impacted by tax expenses related to its digital banking arm, UnionDigital.

Aboitiz Land Inc. incurred a net loss of P58.3 million, a reversal from the previous year's profit, due to decreased sales and increased forfeitures.

Aboitiz InfraCapital Inc. posted a net loss of P207 million, a shift from profitability, mainly because of increased interest expenses from higher debt for expansion.

Conversely, the food and beverage segment saw a significant 54% increase in net income to P1.4 billion, driven by stronger performance in its flour and agribusiness operations.

Topics in this story

Explore more stories about these topics.

🤖

This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.

News Sources

See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.