Ayala-led ACEN Corporation has registered a Php 1.9 billion consolidated net income for the third quarter of the year, a 23% jump from the same period last year as the company’s international growth offset the decline of its local earnings.
This brings the company’s net income for the first nine months of the year to Php 4.1 billion, a four percent decline from last year’s record.
“The third quarter showed the value of the diversity of ACEN’s portfolio, as strong earnings from the international business offset the decline in Philippine earnings primarily due to plant availability issues and the higher cost of power,” ACEN said in a disclosure to the Philippine Stock Exchange (PSE).
ACEN’s attributable output from January to September grew to 3,740 gigawatt-hours (GWh), up 11% due to the contributions of its wind farms in Vietnam and solar plants in India.
The Philippine market continues to be challenging given the tight power supply situation and high fossil fuel prices. However, we expect a significant increase in our renewables operating capacity by the middle of 2023, which will not only help address the country’s energy needs but also significantly improve the company’s financial performance,” ACEN president and CEO Eric Francia said in a statement.
ACEN earlier announced its divestment from the South Luzon Thermal Energy Corp. (SLTEC) through an energy transition mechanism that will enable the early retirement of the 246 MW coal plant by 2040.