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MONDAY, 06 AUGUST 2012 19:58 PAUL ANTHONY A. ISLA / REPORTER
ONE-TIME gains helped lift the net income of listed AboitizPower Corp. (AboitizPower) which reported on Monday its net income increased by 15 percent to P12.2 billion for the first half of the year from P10.6 billion in the same period. The company said the revaluation of consolidated dollar-denominated loans and placements resulted in a non-recurring gain of P945 million from last year’s P143 million.
AboitizPower said it logged P283 million in one-off losses in the first half, as the recorded gains on the redemption of shares made by associate companies during the first quarter were offset by the higher fuel cost booked by geothermal assets due to reimbursement made to its steam supplier, in addition to a debt prepayment cost incurred at parent level.
With these adjustments, AboitizPower said its core net income for the first half of the year grew by 16 percent to P11.5 billion.
The generation business contributed P11.3 billion during the period, accounting for 89 percent of earnings contributions from business segments.
AboitizPower said the hotter climate was one of the factors that led to the increase in power requirements. The group’s average price for its power grew by 7 percent during the first half of 2012 due to the 42-percent increase in average selling prices at the Luzon grid’s Wholesale Electricity Spot Market.
Supply of power in Luzon was curtailed given higher outage levels. Meanwhile, the Luzon grid recorded a peak demand grew by 5 percent to about 7,800 megawatts (MW).
At the end of June 2012, AboitizPower’s attributable net generation grew by 10 percent to 5,096 gigawatt-hours (GWh) from 4,640 GWh due to the 14-percent growth in power sales through bilateral contracts.
On a capacity basis, AboitizPower said attributable sales grew by 13 percent to 1,532 MW from 1,351 MW, given the rising capacity sales through bilateral contracts and improved levels of ancillary services.
AboitizPower said the completion of the rehabilitation of the Ambuklao (all three units) and Binga (one of four units) hydropower plants, coupled with the commercial operation of the 4-MW Irisan Greenfield hydropower plant, resulted in a marginal increase in its attributable capacity to 2,350 MW as of the end-June.
“We remain committed to build the right mix of generating assets in our portfolio that are competitive, diversified and have the least possible effect on our environment. We aim to do this through a combination of traditional sources of power and renewables wherever feasible,” Erramon Aboitiz, AboitizPower president and chief executive officer said.
The distribution business contributed P1.4 billion in the first half of the year. Total attributable electricity sales grew by 7 percent to 1,949 GWh from 1,814 GWh.
Meanwhile, growth from the industrial segment recorded 9-percent increase in volume sales, while residential and commercial accounts registered 6-percent and 4-percent increases, respectively.
Gross margin for the group improved by 18 percent due to the implementation of the distribution utilities’ approved rates under the industry’s Performance Based Regulation scheme.
“Across our distribution utilities, our focus remains anchored on improving customer service and, at the same time, lower costs by improving efficiencies and productivity; and keeping our networks updated at all times and ready to handle growth in the franchises we serve,” Aboitiz said.
As of June 30, AboitizPower said its total consolidated assets amounted to P157.6 billion, which was 3-percent higher than last year’s level of P153.5 billion.
Total consolidated cash and cash equivalents was at P25.4 billion, while total consolidated interest-bearing liabilities was at P72.3 billion. source
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