Forex losses bring AboitizPower’s first sem core income down 2%

AboitizPower IPO

The Aboitiz Power Corporation saw a two percent (2%) decline in its core net income to P9.7 billion for the first half of 2017 due to foreign exchange losses. 

The company lost P744 million in the first semester “on the revaluation of dollar-denominated liabilities.”

Its power generation business contributed P8.9 billion in its core net income, 8 percent more than last year’s P8.2 billion.

EBITDA (earnings before interest, taxes, depreciation, and amortization) for the company’s distribution business increased by 3% YoY from P3.3 billion to P3.4 billion. Net income contribution increased by 3% YoY for the first half of 2017 to P1.8 billion. In the same period, the net income contribution went up by 3% (P1.8 billion) in the same period.

“Our core power generation and power distribution businesses have continued to post significant growth. Our new power plants are contributing significantly while our existing power plants are continuously improving in terms of availability and reliability,” AboitizPower President and CEO Antonio Moraza said.

The company was able to sell 2,706 MW worth of capacity in the first six months, a 33 percent increase from the same period in 2016. This was driven by the additional capacity from the GNPower Mariveles Coal Plant Ltd. Co and a higher capacity sold from some of its hydro units.

Meanwhile, AboitizPower’s attributable sales for distribution rose 1.4 percent versus the same period last year to 2,456-gigawatt hours.

Moraza added that their company is on-track with their projects.

“Our projects in the pipeline are on track and continue to be aligned with our balanced-mix strategy. These projects will push us to reaching our target of 4,000 MW of net attributable capacity by 2020,” he added.