AboitizPower net income down 5%, logs P8.6-billion for first half 2019

AboitizPower IPO

AboitizPower logs P8.6-billion net income for the first six months of this year, 5 percent lower than 2018’s P9.1 billion recorded last year.

Spot market prices were exceptionally high during this period, adding to the fact that the power company also purchased replacement power due to outages and contracting ahead in preparation for incoming capacity.

“The first half of 2019 was challenging for AboitizPower as Luzon faced supply issues leading to the elections. Nevertheless, we remained committed to serving our customers to the extent of providing them with replacement power that we bought from the spot market at rates higher than our contract prices,” Emmanuel V. Rubio, AboitizPower Chief Operating Officer, said.

Without interest, tax, depreciation, and amortization (EBITDA), AboitizPower earned P17.8 billion in the first half of 2019, 12 percent lower than the P20.2 billion recorded during the same period last year.

“With supply stabilizing and with our new capacity coming in, we are positive about exceeding our 2020 target of 4,000 MW attributable capacity, which will allow for a steady and sustainable long-term growth momentum,” Rubio noted.

Meanwhile, AboitizPower’s distribution rose to 2, 842 gigawatt-hours (GWh), which is a 5 percent increase from the 2, 719 GWh in 2018.