A 13 percent drop in its first-quarter income to P4.4 billion was recorded by the Aboitiz Power Corp. following foreign exchange (forex) losses.
The company recognized non-recurring losses of P577 million on revaluation of the dollar – dominated liabilities and mark-to-market of derivatives of its power generation business.
Meanwhile, AboitizPower’s core net income grew four percent to P5 billion due to higher interest expense and depreciation.
Its power generation shared P3.6 billion, 15 percent lower compared to the same period last year because of the forex losses.
The attributable net energy sold were at 3, 448 gigawatt – hours.
Aboitiz said that the contribution of the GNPower Mariveles Coal Plant Ltd. Co (GMCP) and the increase in its hydro plants’ output balanced out the outages of Therma South Inc., lower dispatch of oil units, and lower steam supply affecting the Tiwi plant output as it’s still recovering from Typhoon Nina.
“We continue to leverage on our portfolio of renewable and thermal power plants, giving us the flexibility to respond to the needs of our customers and the market while assuring our customers of reliability of supply and our technical support,” AboitizPower president and COO Antonio Moraza said.
Meanwhile, the power distribution business’ net income contribution went up by 7 percent to P908 million amid higher margins even as the segment booked flat sales at P1,208 gwh.
“Our distribution units continue to grow, riding on the expanding economy, renewed confidence in our government and the continued influx of investments into our distribution areas,” Moraza said.
