For the third quarter alone, AEV recorded a consolidated net income of P5.8 billion, up by 5 percent. The power segment, through subsidiary AboitizPower Corp., accounts for three quarters of AEV’s earnings.

The company also reported that it booked nonrecurring gains of P523 million versus P408 million last year. Without these one-time gains, AEV’s “core profit” would be lower by 6 percent to P15.5 billion.

“We will capitalize on our strong financial condition and cash flow to grow our core businesses, always taking a long-term view. We are very positive in all the business sectors we are involved in,” AEV president and chief executive officer Erramon Aboitiz said in a statement.

“Fortunately we are less dependent on Europe and the US as markets for our products and services,” he added.

AboitizPower said earnings contributions during the first three quarters declined to P12.4 billion from P14.2 billion last year.

The power generation business contributed earnings of P11.7 billion, down by 16 percent.   

Meanwhile, AEV subsidiary Union Bank of the Philippines reported an earnings contribution of 26 percent to P2.3 billion.

UnionBank’s interest earnings on loans and due from other banks recorded an expansions of 7 percent and 18 percent, respectively.

(Miguel R. Camus)