AboitizPower posts 4% hike in nine-month net income to P15.7 billion
Aboitiz Power Corporation (AboitizPower) reported a 4% increase in its net income to P 15.7 billion for the first nine months of the year due to fresh contribution from the GNPower Mariveles thermal power plant and the strong performance of its various hydro power plants.
The company recognized non-recurring losses of P1.7 billion (versus last year’s loss of P102 million) from the revaluation of dollar denominated liabilities and placements and from the debt prepayment costs associated with a debt refinancing of a subsidiary.
Without these one-off losses, core net income grew 15% from P15.2 billion to P17.5 billion. The company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) grew from P28.5 billion to P35.4 billion, a 24% increase year-on-year (YoY).
Business Segments
Power Generation
At the core net income level, AboitizPower’s generation business grew 25% YoY from P12.3 billion to P15.3 billion. Its total income contribution for the period amounted to P14.2 billion.
AboitizPower’s capacity sold increased by 39% YoY, from 2,244 MW to 3,112 MW, mainly driven by the additional capacities from GNPower-Mariveles, higher generation of the hydro units, and more capacities contracted.
“We will continue to be on the lookout for opportunities as we march toward our target of 4,000-MW net attributable capacity by 2020 while meeting the demands of sustainability, energy security, and affordability,” added Mr. Moraza.
Power Distribution
Meanwhile, AboitizPower’s distribution business reported a P3 billion or 4% increase YoY in its core net income contribution for the period.
AboitizPower’s attributable sales in the distribution group for the period was at 3,924 gigawatt-hours, registering a 3% increase from the same period last year.
