Aboitiz Equity Ventures, Inc. reported that its consolidated net income for the first half of the year more than tripled to P11.3 billion, 228 percent higher than earnings in the same period in 2009.

In a disclosure to the Philippine Stock Exchange, AEV said this translates to P2.04 in earnings per share for the first semester of 2010.

The power group still accounted for the lion’s share at 85 percent. The banking and food groups’ income share were roughly the same at 8 percent, offsetting the transport group’s negative share for the first six months of the year.

For the period ending June 30, 2010, AEV incurred a non-recurring loss of P120 million (versus last year’s P430 million non-recurring income), which resulted from the revaluation of consolidated dollar-denominated liabilities. Accounting for this, AEV’s core earnings for the first semester of 2010 was at P11.4 billion, up 279 percent year-on-year.

Aboitiz Power Corporation ended the semester with an income contribution of P9.7 billion, a significant increase from P1.2 billion from the same period last year.

When adjusted for non-recurring items, the group recorded a 593 percent rise in its earnings share, from P1.4 billion to P9.8 billion.

The financial services group contributed net earnings of P964 million in the first semester of 2010, recording a 7 percent improvement from the previous year’s P899 million.

Union Bank of the Philippines ended the semester with an earnings contribution of P903 million, up by 4 percent, while City Savings Bank contributed earnings of P61 million during the period, up 105 percent.

The transport group ended the semester with a net loss contribution of P120 million, a reversal from last year’s net income contribution of P384 million.

For the first half of 2010, income contribution from Pilmico Foods Corporation recorded a 125 percent increase to P867 million. Growth was evident across all businesses which includes flour and feeds.