Published
May 4, 2017, 10:01 PM By Myrna M. Velasco
Factoring one-off
losses, the net income of Aboitiz Power Corporation had slowed down 13-percent
to P4.4 billion in this year’s first quarter from the 2016 level of P4.8
billion.
Core income, according
to the company, logged lean growth of 4.0-percent year-on-year to P5.0 billion
from previously at P4.8 billion, due to higher interest expense compounded by
depreciation.
Aboitiz Power said it
recognized non-recurring losses of P577 million on foreign exchange on the
revaluation of its dollar-denominated liabilities and mark-to-market of
derivatives.”
The power generation
segment of its business remained the “income driver” with earnings before
interest, tax, depreciation and amortization (EBITDA) expanding by 14-percent
to P9.2 billion from the year ago level of P8.1 billion.
It said that its hydro
plants contributed immensely to favorable bottom line outcome, and this was
complemented by earnings contribution from new acquisition GNPower Mariveles
Coal Plant Ltd. Co. (GMCP)
Nevertheless, it
qualified that “increased interest expense and depreciation from the initial
take up of GMCP costs narrowed down the growth at the core net income to
5.0-percent year-on-year.”
With forex losses, the
net income of the company’s power generation unit had gone 15-percent lower to
P3.6 billion in the initial three months of this year.
The company reported
that its level of net energy sold remained relatively flat to 3,488 gigawatt
hours from last year’s 3,451 GWh – with higher sales from GMCP and the hydro
facilities diametrically pulled down by outages at its Therma South, Inc. plant.
Nonetheless, Aboitiz
Power President Antonio R. Moraza said the company continues “to leverage on
our portfolio of renewable and thermal power plants,” adding that such had been
“giving us the flexibility to respond to the needs of our customers and the
market while assuring our customers of reliability of supply and our technical
support.”
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