The Aboitiz family conglomerate Aboitiz Equity Ventures Inc. (AEV) said foreign exchange losses pulled down profits in the first semester of 2023 by 11 percent to P10.5 billion. The power, banking, food and infrastructure giant cited nonrecurring losses of P656 million, mainly due to the revaluation of its dollar cash and other similarly-classified financial holdings. Core earnings, which removes the impact of nonrecurring items, rose 23 percent to P11.1 billion from January to June compared to the same period in 2022.

https://business.inquirer.net/413157/aboitiz-group-profits-down-11-in-first-half

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