continues to struggle with beating its 2018 numbers, as its earnings from January to September this year declined by 9%.P15.7 billion from January to September, lower than the P17.3 billion it recorded during the same period last year.AEV president and chief executive officer Erramon Aboitiz said its power business faced challenges during the year.
"This was primarily due to the higher volume and cost of purchased power, lower spot market revenues, and lower plant availability," AEV said. UnionBank said its growth was primarily driven by robust revenues coming from the sustained double-digit growth in earning assets as well as strong trading gains for the first 3 quarters.AEV's food business, which are composed of non-listed firms Pilmico Foods, Pilmico Animal Nutrition, and AEV International, earned P1 billion for the first 9 months of 2019, a 31% decrease from the P1.5 billion recorded in the corresponding period last year.
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