Aboitiz Equity Ventures, Inc. reported a 102 percent jump in consolidated net income to a record P8.3 billion last year on the back of strong earnings from its power business and non-recurring gains.

AEV president Erramon Aboitiz said “2009 was a record year for AEV. It is very gratifying to see that all our businesses performed well last year in spite of the uncertain environment prevailing at the start of the year. To us it confirms the validity of our business model and the resiliency of our businesses.”

In a disclosure to the Philippine Stock Exchange, AEV said the power group still accounted for the lion’s share of earnings at 56 percent, followed by the banking group at 23 percent, the food group at 16 percent and the transport group at 5 percent.

In 2009, AEV had a non-recurring gain of P961 million (versus 2008’s P775 million non-recurring loss). Aside from a P380 millionn foreign exchange gain at the parent and subsidiary levels, AEV realized a non-recurring income of P633 million.

Non-recurring income included a P575 million reversal of impairment provision to adjust the carrying amount of the assets of Aboitiz Transport System Corporation (ATS) in consideration of the termination of the planned sale of ATS.

It also included a P58 million booked revenue (net of income tax provision), which represents the option money paid to AEV for the planned sale of ATS.

In addition, Aboitiz Power Corporation booked one-off costs that relate to the acquisition of the Tiwi-Makban geothermal power plants and the Pagbilao IPPA contract, contributing P178 million to AEV’s non-recurring expenses.

This was offset by a P78 million share in the reversal of NPC charges for ancillary services to two of AboitizPower’s generation companies.

In the meantime, ATS booked gains on the sale of one of its vessels and its logistics business, contributing P84 million to AEV’s non-recurring income for the period, which was offset by a P36 million goodwill impairment in one of its investments.