AEV’s earnings drop by more than a fourth

MANILA, Philippines- The weak peso and lower contributions of subsidiaries pulled down the earnings of Aboitiz Equity Ventures Inc. in 2008.

AEV reported to the Philippine Stock Exchange that its total net income slipped 29 percent to P4.1 billion.

Recurring net income, meanwhile, dropped three percent.

“Ownership dilution in Aboitiz Power Corp. and lower earnings contributions of parent and its operating units accounted for the marginal decline in earnings performance for the year,” the company said.

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