AboitizPower net income up 24% to P10B

AboitizPower net income up 24 percent to P10B

The Aboitiz Power Corp.’s first-semester net income rose by 24 percent, following higher electricity sales from new power plants and the capacity extension of their existing plants.

Aboitiz recorded a 24% rise on its net income for the first half of 2016, jumping to P10 billion from P8 billion in the same period last year.

However, core net income went up by only 20% to P9.8 billion.

82 percent of the earnings contributions came from Aboitiz Power’s generation business. This recorded a 27% year on year increase in income share to P8.1 billion.

The attributable capacity sales of Aboitiz went up to 2,020 MW from 1, 795 MW. The 13% increase is due to the new capacity contribution from Therma South’s Inc.’s coal-fired power plant and Magat Dam’s improved water inflow, which also propped up SN Aboitiz Power Magat’s hydroelectric power plant’s generated capacity.

The company’s attributable energy sold also grew by 21% to 6,889 gigawatt hours (GWh) from 5,709 GWh. These came mostly from bilateral sales.

Earnings from their power distribution business grew 3% to P1.8 billion because of the seven% increase in total attributable electricity sales from 2,338 GWh to 2,512 GWh. The increase came from Visayan Electric Co. Inc., Davao Light & Power Co. Inc, and San Fernando Electric Light and Power Co.

“Together with our partners, our net sellable capacity has grown to 3,350 MW. We are pursuing more projects – baseload, solar, biomass, hydro and geothermal – that will allow us to strengthen our balanced mix portfolio,” AboitizPower president and COO Antonio Moraza said.

Moraza added the importance of providing a balanced mix of energy to support the country’s needs with “adequate, reliable and competitively priced power.”