By Alena Mae S. Flores | Posted on August 07, 2012 | 12:01am
Aboitiz Power Corp. on Monday reported a net income of P12.2 billion in the first six months of the year, up 15 percent from P10.6 billion year-on-year, due to higher electricity demand following higher temperatures during the dry season.
Aboitiz Power’s parent firm, Aboitiz Equity Ventures Inc., meanwhile, ended the first half with a consolidated net income of P11.8 billion, up 16 percent on year, boosted by the higher earnings of the power unit.
Aboitiz Power said core net income in the first half amounted to P11.5 billion, up 16 percent on year.
Aboitiz Power posted a net income of P6.6 billion in the second quarter, up 20 percent, on the back of a non-recurring gain of P442 million following the revaluation of consolidated dollar-denominated liabilities and placements.
Aboitiz Power’s generation business contributed 89 percent or P11.3 billion to the total earnings, up 11 percent.
“The hotter climate was one of the factors that led to the increase in power requirements. The group’s average price for its power increased by 7 percent on year during the first half,” the company said.
The average selling prices at the Wholesale Electricity Spot Market rose 42 percent due to the tight power supply situation.
The power generation business recorded an income contribution of P6.3 billion, a 19-percent increase in the second quarter after the higher power demand and tight supply.
The completion of the rehabilitation of all three units of the Ambuklao and one unit of the Binga hydropower plants, coupled with the commercial operation of the 4-MW Irisan Greenfield hydropower plant, resulted in a marginal increase in Aboitiz Power’s attributable capacity to 2,350 MW as of end-June. source
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