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Aboitiz bullish on Cebu businesses in 2016 amid rosy Q1 results
- Source:http://interaksyon.com/business/128944/aboitiz-bullish-on-cebu-businesses-in-2016-amid-rosy-q1-results
- Sunday, June 12, 2016 1:52 pm
- (InterAksyon.com)
CEBU CITY—Conglomerate Aboitiz Equity Ventures, Inc. remains confident its main businesses in Cebu province - power distribution and land - will sustain growth this year as its business units carry out various expansion plans for 2016.
Speaking to local reporters at Gorliz Tapas Y Vinos in Banilad, Cebu City last June 10, Jaime Jose Y. Aboitiz, AboitizPower Distribution Business Group Executive Vice President and Chief Operating Officer (COO), said Visayan Electric Co., Inc. (VECO), the country’s second-largest privately-owned distribution utility, will continue to post growth for the rest of the year.
“Aside from robust growth in the economy, other factors such as IEC (International Eucharistic Celebration) which brought tourists in Cebu, the prolonged El Niño which necessitated the use of cooling systems, and this year's presidential election—all contributed significantly in the impressive growth in the first quarter. For 2016, we expect sales to grow by 5.3%,” Aboitiz said.
VECO also continued to report progress on its underground cabling initiatives, now on Phase 1-B.
“The project is a continuation of the initial implementation compliant to the Cebu City Ordinance 1894 in building utility structures and distribution underground. The project concentrated on Osmeña Boulevard, from the Provincial Capitol to P. del Rosario Street,” said Anton Mari G. Perdices, VECO Senior Vice President and COO.
AboitizLand, meanwhile, is on track with its latest mixed-use development in Mandaue City, a joint-venture with Ayala Land. AboitizLand intends to spend P4.7 billion this year to expand its industrial and residential land bank as it continues to grow its footprint outside Cebu.
“We launched last Monday (June 6) our latest joint venture with Ayala Land. Gatewalk Central, dubbed as the dynamic center of Mandaue, is a 17.5-hectare mixed-use project that will consist of an Ayala mall, residential towers, and office spaces,” explained Andoni F. Aboitiz, AboitizLand President and Chief Executive Officer.
“One of the mall tenants will be Landmark, which will be the mall’s first expansion outside Metro Manila,” he added. AboitizLand is also in the final planning phase for three new projects in Luzon.
AEV posted a consolidated net income of P5 billion for the first quarter of 2016—up 24% year-on-year versus 2015—driven by the strong performance of its power, banking and financial services, and infrastructure BUs. Power accounted for 70% of earnings, followed by banking and financial services (15%), food (7%), infrastructure (7%), and land (1%). Core net income for the quarter stood at P4.9 billion, 19% higher year-on-year (YoY).
Aboitiz Equity Ventures, Inc. (AEV) is the publicly listed holding and investment company of the Aboitiz Group with major investments in power, banking and financial services, food, land, and infrastructure.