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By JAMES A. LOYOLA
AEV said in a disclosure to the Philippine Stock Exchange (PSE) yesterday that earnings before interest, taxes, depreciation and amortization (EBITDA) for the period increased by 34 percent to P1.8 billion.
AEV’s power group contributed P415 million, a 3.7 percent decline from the first quarter of 2006, with the bulk of the earnings coming from the distribution group, whose income contribution of P328 million was up 10 percent.
The generation companies turned in a lower contribution of P87 million, down 34 percent, resulting mainly from a combination of lower rainfall in the first quarter and reduced capacity fee payments from the National Power Corporation per their contract with Luzon Hydro Corporation.
Last April 25, the Power Sector Assets & Liabilities Corporation (PSALM) turned over the control of the 360-MW Magat hydroelectric power plant to SN Aboitiz Power, Inc. (SNAP).
They started operating the plant at midnight of April 25 while the orders were issued after PSALM received a down payment of $ 371 million toward the purchase of the plant.
The banking group generated the largest income for AEV, with a combined contribution of P599 million, up 75 percent from the first quarter of 2006.
The acquisition of iBank coupled with organic growth pushed UnionBank’s total resources 97 percent higher to P208 billion from P105 billion in the same period last year. In April this year, Union Bank completed its $ 110 million offering to international and domestic investors.
City Savings Bank’s income contribution grew by an impressive 390 percent, as it registered robust growth in both its loan portfolio and deposit base.
The transport group contributed a loss of P20 million, a significant improvement against last year’s first quarter loss of P126 million due to the aggressive cost-cutting measures implemented over the last few years.
The company has recently converted unused passage capacity to make room for the growing demand for freight capacity, particularly for its RORO service, which now contributes over 12 percent of Aboitiz Transport System’s freight business.
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