AEV reports 40% jump in 2002 income.

(From BusinessWorld (Philippines))

Byline: Leilani M. Gallardo

Cebu-based holding firm Aboitiz Equity Ventures, Inc. (AEV) posted a 40% hike in net income for 2002 owing to positive growth in its power, banking, transport and food subsidiaries.

In a disclosure to the Securities and Exchange Commission, the listed firm said its unaudited net income as of end-December 2002 reached P2.2 billion after preferred dividends were paid. This compares to P1.57 billion in profits in 2001.

AEV largely attributed the income rise to the strength of its power subsidiary, Aboitiz Power Corp. (APC) which contributed P1.7 billion to earnings for 2002. …