By Ben Otto
Aboitiz Equity Ventures' net profit fell 63% in the second quarter from a year earlier as the Covid-19 pandemic cut into demand for electricity at its power business.
The Manila-based conglomerate posted net profit of 2.0 billion Philippine pesos ($40.7 million) in the quarter, down from PHP5.4 billion a year ago, it said in a stock-exchange filing Tuesday.
Net profit at the company's power unit--the largest contributer to Aboitiz's income--fell steeply as movement restrictions to curb the spread of Covid-19 reduced demand for retail electricity, it said.
On a first-half basis, income from power fell 57% to PHP2.9 billion.
For the first half of the year, Aboitiz posted a 55% drop in income to PHP4.0 billion, it said.
Write to Ben Otto at email@example.com