AEV EARNS P7.1 BILLION

Aboitiz Equity Ventures Inc. has posted consolidated net income of ₱7.1 billion (bn) for the fourth quarter of 2020, for a 13% increase from the ₱6.3 bn reported during the corresponding period in 2019.

The Company recognized non-recurring net losses of ₱472 million (mn) during the period, compared to the ₱671 mn in non-recurring net gains for the corresponding period in 2019.

Without these one-off losses, the Company’s core net income for the fourth quarter of 2020 was ₱7.6 bn, a 34% increase year-on-year (YoY). For the relevant period, AEV recorded consolidated earnings before interest, tax, depreciation and amortization (EBITDA) of ₱18.9 bn, which was 23% higher YoY.

However, AEV’s net income for 2020 was ₱15.4 bn, 30% lower than the ₱22.0 bn recorded in 2019, after it recognized non-recurring losses of ₱477 million during 2020 versus the ₱516 mn in non-recurring gains recorded in 2019.

Without these one-off losses, AEV’s core net income for 2020 was ₱15.9 bn, 26% lower than the ₱21.5 bn recorded in 2019.

AEV recorded consolidated EBITDA of ₱57.7 bn in 2020, a 4% decrease from the ₱60.2 bn recorded in 2019.

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