One-time gains lift AEV's Q2 earnings

Extraordinary gains lifted the net income of Aboitiz Equity Ventures Inc., which holds the business interests of the Aboitiz family, for the second quarter. AEV told the Philippine Stock Exchange on Friday that its earnings rose 11 percent to P5.6 billion, with its power business accounting for 75 percent. AEV said that for the April to June period, its dollar denominated loans and placement resulted in a non-recurring gain of P28 million. An associate company also received a one-off gain from reimbursements from the National Power Corp. relating to its fuel importation. AEV's share in this non-recurring gain amounted to P137 million. "Adjusting for these one-offs, AEV closed the quarter ending June 30, 2011 with core profits of P5.4 billion, replicating last year's level," the company said. In the year's first half, meanwhile, AEV said its net income slipped nine percent to P10.2 billion. AEV's business units include Aboitiz Power Corp., Union Bank of the Philippines and Pilmico Foods Corp. - CMA/OMG, GMA News