| By JAMES A. LOYOLA In a disclosure to the Philippine Stock Exchange (PSE) yesterday, AEV said it posted a strong fourth quarter in 2006, earning a net income of P1.34 billion, a 124 percent jump from the same period in 2005. However, this includes some non-recurring income from gains on sale of certain assets in the company’s transport and food businesses The income contributions of all AEV business groups increased in 2006, with the biggest share coming from the power group at P2.26 billion, up 12 percent from 2005. The generation companies turned in P1.09 billion, up 3.4 percent, while the contribution of distribution utilities went up by 21 percent to P1.18 billion. The power group’s strong performance is expected to continue as the partnership between Aboitiz Power and SN Power of Norway won the bid for the 360-megawatt (MW) Magat hydroelectric plant in Isabela, the largest such facility to be privatized by government to date. Also, the company will soon commence construction of two AEV’s banking investments contributed P1.1 billion in 2006, up 7 percent from 2005 although UnionBank’s performance was affected by the interim impact of expenses related to the purchase of International Exchange Bank and the industry-wide margin compression as interest rates declined further. The food group increased its income contribution by 34 percent, turning in P510 million, due to strong performance from all its businesses, namely flour, swine and feeds, as well as a one-time gain of P39 million on the sale of its yeast business after divesting its entire stake in the joint venture PilmicoMauri Foods Corporation. The transport group posted the highest percentage increase in contribution, turning in P142 million, a 313 percent jump from the previous year. |
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