Aboitiz Power Corp. net earnings up 24%

aboitizpower-corp-net-earnings-up-24

Aboitiz Power Corp.’s net earnings jumped almost a quarter by the end of September on the back of higher generating capacities of its power plants.

Its coal-fired power plants in Pagbilao, Quezon and Davao Light & Power Company, Inc. accounted for higher generating contributions.

Davao Light is the country’s third largest power distributor.

The company’s consolidated net income went up 24 percent to 15.1 billion from P12.2 billion in the same period last year.

In the third quarter of the year alone, Aboitiz Power posted a 23 percent increase in consolidated net income to P5.1 billion as of end-September, from P4.2 billion last year.

Core net income increased 11 percent to P5.4 billion due to P232 million non-recurring loss on foreign exchange movements. For the nine-month period as a whole, core net income rose 17 percent to P15.2 billion because of non-recurring loss of P102 million. These came from the revaluation of consolidated dollar-denominated loans and placements net of recognized gain on acquisition.

The power generating business alone made up 80 percent of total earnings with a 26 percent increase to P12 billion for the nine-month period.

Energy sold increased 13 percent to 10, 308 gigawatt-hours (GWh) from 9, 161 GWh through bilateral contracts, which made up 92 percent of the total.

AboitizPower said its power distribution business contributed an 11 percent increase with P2.9 billion from P2.6 billion last year.

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