Aboitiz Power Corp. said Friday it recorded a consolidated net income of P5.1 billion in the first quarter, down 31 percent from P7.4 billion year-on-year, due to decreased demand and lower selling price of electricity.
Aboitiz Power’s parent, Aboitiz Equity Ventures Inc., also ended the first quarter with a reduced consolidated net income of P4.6 billion, down 26 percent on-year.
Aboitiz Power disclosed to the stock exchange that its net income translated into an earnings per share of P0.69.
Aboitiz Power’s wholly-owned subsidiary, Therma Marine Inc., incurred a non-recurring gain of P348 million during the quarter.
The Energy Regulatory Commission ruled in favor of Therma Marine about its tariff structure for ancillary services contract with the National Grid Corporation of the Philippines.
Aboitiz Power booked a P107-million non-recurring income during the quarter against P404 million in 2010, when consolidated dollar-denominated loans and placements were revalued.
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