AboitizPower records 2% net income increase in 2017

AboitizPower IPO

The Aboitiz Power Corporation (AboitizPower) recorded a net income increase of two percent to P20.4 billion in 2017.

The company had a non-recurring loss of P2.9 billion this year, versus P611 million in 2016, due to asset impairment costs related to the Aseagas Corporation (Aseagas) and debt prepayment costs on the GN Power – Mariveles coal plant Ltd. Co (GNPower Mariveles)’s loan, which was partially offset by a one-off recognition of lower interest expense from an acquired loan.

“Our bottomline was definitely affected with our decision to cease the operations of Aseagas. But looking at the actual performance of our operations, we have continued to grow in 2017, thanks to the improved reliability and availability of our plants,” Antonio R. Moraza, AboitizPower President and Chief Operating Officer said.

AboitizPower power generation unit sold a capacity of 3, 124 MW in 2017, 41 percent higher than 2,223 MW from the previous year driven by the additional capacities from GNPower Mariveles, higher generation of the company’s hydro units, and more capacities inked.

Meanwhile, its power distribution assets had an attributable sale of 5, 288 gigawatt-hours in 2017, four percent higher from 2016.

AboitizPower looks to expand its portfolio for both renewable and conventional sources.

“AboitizPower will continue its Balance strategy — developing a mix complementing technologies that will allow us to deliver energy reliably, reasonably, and responsibly. Our portfolio has given us advantages in both fuel mix as well as geographical spread. We will pursue renewable energy (RE) and it is our intention to actively participate in the RE market,” Moraza said.