THE holding company for the major business assets of the Aboitiz family is reporting better third-quarter figures on improved performance of its power, banking and food business units offsetting losses from the transport subsidiary which lost a vessel off the coast of Mindanao in September.

In a filing to the stock exchange on Tuesday, Aboitiz Equity Ventures Inc. (AEV) said July-to-September profits rose 110 percent to P2.4 billion year on year.

This brings AEV’s net income in the first nine months of the year to P5.9 billion, an increase of 74 percent compared with the same period in 2008.

“It is very assuring to know that all our businesses are not only profitable and performing well, but have strong cash flows and healthy balance sheets that are important to sustain their growth,” said AEV president Erramon Aboitiz in a statement.

AEV credited the bulk of its growth to listed energy unit Aboitiz Power Corp., which accounted for 54 percent of cumulative earnings.

For the nine month period, the firm recorded one-time gains of P543 million from last year’s P161-million loss. These include P633 million from the aborted sale of its transport unit and a nonrecurring loss of P141 million for the acquisition of the Tiwi-Makban geothermal plants in Albay, Laguna and Batangas provinces.

Accounting for all these, AEV’s core earnings in the January-to-September period rose 51 percent to P5.3 billion compared with the same period last year.

AEV’s banking and food subsidiaries—Union Bank of the Philippines and Pilmico Foods Corp.—contributed 26 percent and 14 percent, respectively.

AEV’s UnionBank contributed net earnings of P1.3 billion, a 115-percent improvement from the first nine months of 2008. AEV said the more than doubling of the bank’s net income coupled with the increase in AEV’s equity ownership to roughly 39 percent led to the higher contribution.

The bank noted a double-digit increase in interest income to P4.8 billion while adding that its loan portfolio increased 12 percent to P79 billion.

Likewise, nonlisted thrift bank, City Savings Bank contributed earnings of P56 million during the period which it also credited to its interest income on loans, which rose by more than half.

Food subsidiary Pilmico contributed P734 million, a 97-percent increase from the same period last year. AEV said lower sales volume and average selling prices resulted in a 43-percent drop in its swine business earnings from last year.

By contrast, the feeds business recorded a significant improvement—offsetting  income declines as it recorded an 18-percent year-on-year increase in sales volume coupled with improved margins.

The group’s transport unit Aboitiz Transport System Corp. registered an income contribution of P331 million for the first nine months of the year, as fuel costs declining helping to control costs. However, the recent loss of one of its Superferry ships off the coast of Mindanao and the subsequent suspension of all its roll-on-roll off passenger vessels in September partly resulted in a P1-billion drop in consolidated revenues.