ATSC 1st half income rises 16% to P512 million

ATSC 1st half income rises 16% to P512 million 

Aboitiz Equity Ventures Inc. (AEV) ended the first six months of this year with P1.72 billion in net income to common shareholders, a 40% increase over the first semester of 2004. This is equivalent to P0.36 in earnings per share (EPS). Earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 20%, to P3.38 billion.

In the second quarter (ending June 2005), AEV posted a net income of P1.09 billion, a 39% increase over the same quarter last year.

AEV’s four business groups contributed strong earnings, with the growth coming from the power and banking sectors.

The power group, consisting of distribution and generation, contributed P1.03 billion in the first semester, up 86% over the same period last year. The power distribution group contributed P573 million, up 51%. All its power distribution utilities registered significant earnings growth, due mainly to higher margins and increased operating efficiencies. Power generation also performed well, with all the power generating companies registering income growth. Both the new Bakun supplemental water project of Luzon Hydro and the newly acquired Talomo mini-hydro facility started operations in the first half. The power generation group’s income contribution was P453 million, up by 164%.