LISTED AboitizPower Corp. said on Friday its consolidated net income increased by 165 percent to about P6 billion in the third quarter owing to movements in the peso-dollar exchange rates.
In a statement, AboitizPower said the improved peso resulted in close to P1 billion in nonrecurring income from P97 million last year due to the revaluation of dollar-denominated loans and placements which were was offset by a one-time refinancing cost of P398 million incurred by an associate.
AboitizPower said its core net income also increased by 144 percent to P5 billion in the third quarter of the year.
Erramon Aboitiz, AboitizPower president and chief executive, said the successful integration of the company’s acquisitions into its portfolio of generation assets and higher demand for power has demonstrated AboitizPower’s recurring earning capacity. “We are confident that demand for power will continue to grow as the economy expands, further enhancing the value of our assets,” he added.
For the three months in review, AboitizPower said the power generation business recorded an income contribution of close to P6 billion or a 187-percent increase compared with the same period last year.
AboitizPower said power sales volume increased by 69 percent to 2,356 gigawatt-hours (GWh) from 1,396 GWh owing to the fresh contributions from the Pagbilao coal-fired power plant, the power barges in Mindanao, the Sibulan hydropower plant and two units of the Cebu coal-fired power plant augmented the company’s attributable net generation for the quarter.
AboitizPower said its attributable capacity increased by 94 percent to 2,030 megawatts (MW) due to the assumption of the dispatch control over the 700-MW contracted capacity of the Pagbilao coal-fired power plant in October 2009, as well as additional capacities from the takeover of the two 100-MW power barges and the start of operations of the 42.5-MW Sibulan hydropower plant and the two 82-MW units of the 26-percent owned coal-fired power plant in Cebu.
“As the supply and demand situation for power tightens further, this will give AboitizPower an opportunity to build new capacity, which we are already pursuing,” Aboitiz said.
AboitizPower said the attributable electricity sales for the third quarter grew by 8 percent to 924 GWh from 857 GWh due to the increase in attributable power consumption of the residential, commercial and industrial customers that recorded increases of 6 percent, 5 percent and 9 percent, respectively.
AboitizPower also noted that its distribution business’ gross margin for the quarter improved on a year-on-year basis, as Davao Light & Power Co. and Visayan Electric Co. (Veco) shifted to the Performance Based Regulation (PBR) scheme in August this year.
Veco’s margin improvement was also brought about by the full three months’ impact of its approved P0.23 per kWh rate increase under the return on rate base scheme, which took effect on September 10, 2009.
AboitizPower said that its distribution business recorded a 37-percent increase in income contribution to P654 million in the third quarter from P477 million during the same period last year.
“Our distribution business has also seen healthy growth rates in the consumption of electricity across residential and industrial customers,” Aboitiz said.
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