AEV earns P626 million in 1st quarter, up 42%May 13, 2005Aboitiz Equity Ventures, Inc. (AEV) posted a net income to common shareholders of P626 million in the 1st quarter of 2005, 42% up over the same period last year. This translates to earnings per share (EPS) of P0.13.
Aboitiz Equity Ventures, Inc. (AEV) posted a net income to common shareholders of P626 million in the 1st quarter of 2005, 42% up over the same period last year. This translates to earnings per share (EPS) of P0.13.Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter amounted to P1.4 billion, 19% higher than in the same quarter of 2004.AEV’s power group posted the largest contribution to 2005’s 1st quarter income, with a combined contribution of P569 million, up 160%.
Subic EnerZone reduces systems loss, lowers power rateApril 3, 2005
Starting March 2005, customers of Subic EnerZone Corporation (SEZC) will pay lower power bills, after the company announced that it has reduced its systems loss to an average of 7.87% and lowered its rate per kilowatt-hour (kwhr) by almost 10 centavos.
When SEZC took over the Power Distribution System (PDS) of Subic Bay Metropolitan Authority (SBMA) on October 25, 2003, it inherited a systems loss average of 15% from SBMA’s Utility Department. By law, the electrical systems loss a utility is allowed to pass on to its customers is 9.5%. This cap on systems loss is embedded in the computation of rates. This meant that SBMA then and SEZC when it took over the Freeport Zone’s PDS, absorbed around 6% of the total purchased electric energy cost since by law, they could not pass this on to customers.
AEVís 2004 audited income jumps 18% to P2.33 billionMarch 9, 2005
Aboitiz Equity Ventures, Inc. (AEV) posted a P2.33 billion net income in 2004, up 18% from its 2003 restated earnings of P1.97 billion. This represents earnings per share (EPS) of P0.48. The company’s 2003 earnings were restated to consider the retroactive effect of adopting new accounting standards on leases and income taxes.
Subic EnerZone buys TransCo sub-transmission assetsMarch 6, 2005
Subic EnerZone Corporation (SEZ) recently signed a contract with the National Transmission Corporation (TransCo) for the divestment of TransCo's sub-transmission asset in Subic. SEZ president Jimmy Aboitiz and TransCo president & CEO Alan Ortiz signed the purchase agreement for the P101.6-million 100-MVA substation. It is TransCo’s first-ever sale of a substation in Luzon.
Aboitiz, Veco and Cebu City govít team up to donate school buildingMarch 1, 2005The Aboitiz Group Foundation, Inc., (AGFI), Aboitiz Equity Ventures (AEV), the Visayan Electric Company (VECO), and the Cebu City local government have joined forces to construct a three-story, three-classroom building for the Banilad Elementary School. This donation is in line with the Aboitiz Group’s commitment to assist the government in improving the quality of education in our public school system. As the social development arm of the Aboitiz Group, AGFI allocates more than half of its annual budget to education projects. These include infrastructure building, equipment donations, scholarship grants and skills training.
AEV, UBP rank among Asiaís best companies in 2002 Euromoney, Asiamoney pollsFebruary 25, 2005
Aboitiz Equity Ventures, Inc. (AEV) and its banking subsidiary UnionBank of the Philippines (UBP) have been voted as among the best companies in Asia in the latest polls of leading finance journals Euromoney and Asiamoney.
VECO opens full service center in SM CebuFebruary 20, 2005
The Visayan Electric Company (VECO) opened an ultra modern and spacious full service center at the SM City Cebu last February 14. The concept of an electric utility office in a mall is the first of its kind in the Philippines.
With 588 square meters of office space, high-tech equipment and highly trained customer service representatives, the new VECO office provides convenience and comfort to customers. Open seven days a week from 8 a.m. to 6 p.m., 13 tellers are all available at any given time to serve customers paying their bills. More tellers mean faster payment transactions with the least waiting time.
Aboitiz utilities sign NPC transition supply contractFebruary 15, 2005
Aboitiz power subsidiaries Visayan Electric Company (VECO), Davao Light & Power Company (DLPC), Cotabato Light & Power Company (CLPC), and real estate subsidiary AboitizLand signed recently a Transition Supply Contract (TSC) with the National Power Corporation (NPC) representing the largest TSC signed between NPC and a private distribution utility. Collectively, the Aboitiz Group is the second largest customer of NPC.
VECO, DLPC buy P187-million Transco sub-transmission assetsFebruary 10, 2005
The Visayan Electric Company (VECO) and Davao Light and Power Company (DLPC) recently signed purchase agreements to acquire P187-million sub-transmission assets from the National Transmission Corporation (TransCo).
VECO will pay P172 million of the assets, the biggest single cash purchase of the transmission utility’s divestment program. The purchase contract signed with Transco involves 5.93 circuit kilometers, 33 line structures and two 100-MVA transformers covered by the Banilad-Mandaue and Banilad-Cotcot 69-kilovolt lines in Cebu.
Hedcor, SFELAPCO extend EPSA of Asin mini hydrosJanuary 31, 2005
Hydro Electric Development Corporation (Hedcor) and Pampanga-based San Fernando Electric Light and Power Company (SFELAPCO) recently extended their Electric Power Supply Agreement (EPSA).
“The renewal of this contract allows us to maximize the generation of the plants thereby guaranteeing the benefits to the City, BWD and of course Hedcor,” said Hedcor President and Chief Operating Officer Rene Ronquillo.