AEV reports 35% decline in Q1 net income, cites weaker business unit contributions

Listed conglomerate Aboitiz Equity Ventures, Inc. (AEV) reported a 35% decline in first-quarter net income to P3.2 billion from P4.9 billion last year.

The company attributed the drop to weaker contributions across its business units despite strategic investments in renewable energy and infrastructure expansion.

Power contributed the most to AEV's net income at 62%, followed by food and beverage with 35%; however, financial services, real estate, and infrastructure businesses recorded negative contributions.

AEV President Sabin M. Aboitiz emphasized that while revenues dipped due to lower power selling prices, cost trends remained favorable, particularly in fuel and supply.

The company plans P105 billion in capital expenditure this year, with P78.1 billion allocated for renewable energy expansion, aiming to create value for shareholders and support national development.