Power Generation pushes AboitizPower’s 3Q income

AboitizPower IPO

The Aboitiz Power Corporation recorded a 4-percent net income increase to Php 15.7 billion for the nine-month period in 2017 following strong power generation contributions from its power plants.

The increase was attributed to the contributions of the GNPower Mariveles thermal power plant and the strong performance of its hydropower plants.

Its power generation business grew 25 percent from Php. 12.3 billion to Php. 15.3 billion in the same period.

The company’s capacity sold increased 39 percent from 2, 2444 MW to 3,112 MW driven by the Mariveles power plant and other hydro units.

“The significant growth in our generation business highlights our balanced strategy as both our renewable and thermal plants contributed to our nine-month performance,” Antonio R. Moraza, AboitizPower President and Chief Operating Officer, said.

Moraza said that they will continue to look out for opportunities following their target of 4,000 MW net attributable capacity by 2020, “while meeting the demands of sustainable, energy secured, and affordable power.”

Meanwhile, its distribution business contributed Php 3 billion in the company’s core net income, four percent higher versus last year in the same period.

AboitizPower’s attributable sales for the distribution sector was 3,924-gigawatt hours, 3 percent higher from the same period in 2016.

“We see significant growth in the economies served by our distribution utilities, and these will require additional power. We are ready to respond to this need by ensuring that we have enough supply contracts while improving our distribution network so it will be able to serve our customers well, and to respond to their needs fast,” Moraza said.

Meanwhile, Aboitiz Equity Ventures registered a seven-percent decrease in its net income to Php 15.9 billion from last year’s P17.1 billion. The decrease was brought about by foreign exchange losses from the revaluation of dollar-denominated loans and pre-termination costs on refinancing.

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