AboitizPower posts lower net income

AboitizPower IPO

AboitizPower recorded a net income of P13.5 billion, which is 19 percent lower than last year’s net income of P16.7 billion during the same period.

The company had non-recurring losses of P220 million compared to last year’s losses at P1.7 billion related to net foreign exchange and derivative losses. Without these one-off losses, the company’s core net income was ₱13.7 billion, a 26 percent lower than the ₱18.4 billion recorded in the same period last year. 

“It has been a tough year for AboitizPower with the supply issues that resulted in the high cost of replacement power for our customers. The company has also generated lower revenues from the spot market due to challenges that caused some of our power plants to shut down,” said Emmanuel V. Rubio, AboitizPower Chief Operating Officer.

“Despite this, our customer base continues to grow, which underscores the consumers’ trust and confidence in AboitizPower. Moreover, we remain confident that with our incoming capacities, we will surpass our 2020 target of 4,000 megawatts attributable capacity, ensuring sustainable growth for the company, our shareholders, and the customers and communities we serve,” Rubio said.

In terms of the power firm’s generation and retail supply business, it recorded a consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₱28.7 billion in the first three quarters of 2019, 13 percent lower than the ₱33 billion recorded during the same period last year.

This is due to higher volume and cost of purchased power, lower spot market revenues, and lower plant availability. 

On the other hand, AboitizPower’s distribution business logged consolidated EBITDA of ₱6 billion, 3 percent lower than the ₱6.2 billion recorded during the corresponding period in 2018 due to lost margins from the decommissioning of the Bajada power plant.

Energy sales increased to 4,341 gigawatt-hours (GWh), which was five percent higher than the 4,136 GWh recorded in the first nine months of 2018.

 

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