MANILA, Philippines—Aboitiz Power Corp. posted a 354-percent surge in its core net income to P18 billion as of end-September due largely to the robust performance of its power generation business.
In a disclosure to the Philippine Stock Exchange, APC reported that its power generation segment, which accounted for over 90 percent of its earnings, recorded an income share of P17.7 billion, netting out one-off items.
The 466-percent hike in the power generation segment’s income came on the back of a 195-percent increase in APC’s total attributable power sales to 7,340 gigawatt-hours, from the 2,489 gWh recorded during the same period last year.
Fresh contributions of assets that were acquired from the government—like the management of the contracted capacity of the 700-megawatt (MW) Pagbilao coal-fired power plant and Power Barges 117 and 118 that each have a 100-MW capacity—boosted the company’s net generation for the period.
APC’s attributable capacity as of end-September stood at 2,030 MW.
As for the company’s power distribution business, APC reported that its total attributable electricity sales increased by 9 percent to 2,677 gWh from 2,460 gWh as of end-September.
This strong showing, coupled with improved margins, resulted in an 11 percent year-on-year rise in income contribution to P1.2 billion within the first three quarters of the year, from last year’s P1.1 billion.
As of end-September, APC’s total consolidated assets rose by 13 percent to P126.1 billion, from last year’s P111.3 billion. Its consolidated cash holdings stood at P10.3 billion, while total consolidated interest-bearing loans amounted to P64.3 billion.
In a disclosure to the Philippine Stock Exchange, APC reported that its power generation segment, which accounted for over 90 percent of its earnings, recorded an income share of P17.7 billion, netting out one-off items.
The 466-percent hike in the power generation segment’s income came on the back of a 195-percent increase in APC’s total attributable power sales to 7,340 gigawatt-hours, from the 2,489 gWh recorded during the same period last year.
Fresh contributions of assets that were acquired from the government—like the management of the contracted capacity of the 700-megawatt (MW) Pagbilao coal-fired power plant and Power Barges 117 and 118 that each have a 100-MW capacity—boosted the company’s net generation for the period.
APC’s attributable capacity as of end-September stood at 2,030 MW.
As for the company’s power distribution business, APC reported that its total attributable electricity sales increased by 9 percent to 2,677 gWh from 2,460 gWh as of end-September.
This strong showing, coupled with improved margins, resulted in an 11 percent year-on-year rise in income contribution to P1.2 billion within the first three quarters of the year, from last year’s P1.1 billion.
As of end-September, APC’s total consolidated assets rose by 13 percent to P126.1 billion, from last year’s P111.3 billion. Its consolidated cash holdings stood at P10.3 billion, while total consolidated interest-bearing loans amounted to P64.3 billion.
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