Edge Davao 9 Issue 283

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AFFIRMED VOL. 9 ISSUE 283 • FRIDAY - SATURDAY, MARCH 24 - 25, 2017

www.edgedavao.net

P 15.00 • 20 PAGES

Aboitiz chalks up 27% profit earnings with P22.5B in 2016 Serving a seamless society A By JERMAINE L. DELA CRUZ

BOITIZ Equity Ventures, Inc. (AEV) saw its consolidated net income increased by 27% year-on-year (YoY) from P17.7 billion in 2015 to P22.5 billion in 2016.

This translates to P4.02 in earnings per share. Power accounted for 65%, followed by the Banking and Financial Services, Food, Infrastructure, and Land strategic business units (SBUs) with income contributions of 21%, 7%, 7% and 1%, respectively. For the period ending December 31, 2016, the company incurred a non-recurring loss of P347 million (versus the previous year’s loss of P602 million), which mainly resulted from the markto-market revaluation of the Power BUs’ consolidated dollar-denominated assets and liabilities refinancing costs and goodwill impairment, partly offset by the net forex (foreign exchange) gains from revaluation of dollar-denominated assets and liabilities. Adjusting for these one-off’s, AEV’s core net income amounted to P22.8 billion, which was 25% higher than last year. “Through our value creation efforts, we are poised to take advantage of the tailwind our growing economy brings. The gains we recorded over 2016 affirm the soundness of our business strategy of creating a diversified income stream,” said Erramon I. Aboitiz, AEV President and Chief Executive Officer. “This year, the Group will take even more deliberate steps in bringing progress to communities in line with our strategic objectives,” Aboitiz added.

EDGEDAVAO

F AFFIRMED, 10

Vices regulation unit to focus on barangays By JECIA ANNE OPIANA

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HE newly-organized Vices Regulation Unit (VRU) that sought to enforce anti-smoking, liquor ban and selling of liquor to minors will focus its efforts in the barangays.

Speaking as the mayor’s representative and head of the anti-smoking task force for the VRU, retired Capt. Voltaire Engracia said barangays in the rural areas are more prone to violations of the law. “Even with the existence of the ordinance for more than 20 years, we still need to further strengthen our information drive with regard to the ordinance,” Engracia said on Thurdsay during the iSpeak Conference. F VICES, 10

EDGEDAVAO Sports FIRST BLOOD

TRMH-CMO Green Archers demolish Manny-led Pacman Warriors 113-76

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WISH FULFILLED. A young boy appears to be very amused after feeding a pigeon with bird seeds from his palm at the Rizal Park in Davao City on Thursday. Lean Daval Jr.


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