Aboitiz Power hikes cash dividend to 50% of profit

Manila Standard Today

By Alena Mae S. Flores  Posted on Nov. 29, 2012 at 12:01am

The  board of listed Aboitiz Power Corp. approved an increase in the annual cash dividend to 50 percent of the consolidated net income from 33 percent effective next year.

“A revised dividend policy of the company [will now consist] of an annual cash dividend payment of 50 percent of its consolidated net income from the previous fiscal year based on the audited financial statements of the company. The new policy changes the previous cash dividend payment ratio of 33 percent of previous year’s net profits,” Aboitiz Power said in a disclosure to the stock exchange.

The new dividend policy will take effect in 2013 based on the declaration of the 2012 net income after tax.

The board also approved the declaration of special cash dividend in the amount of P0.22 per share to all stockholders of record as of the close of business hours on December 13, 2012 payable on January 11, 2013.

Aboitiz Power reported a consolidated net income of P18.4 billion for the nine-month period, up  13 percent from P16.2 billion year-on-year, due to higher income from its generation and distribution business.

Aboitiz Power’s core net income in the first nine months of the year amounted to P17.9 billion, up 15 percent year-on-year.

Aboitiz Power’s consolidated net income in the third quarter rose 10 percent to P6.2 billion from P5.6 billion a year ago. Core net income in the third  quarter increased to P6.4 billion, up 13 percent on year.

Aboitiz Power’s  generation business accounted for 89 percent of earnings contributions, recording an income share of P17.2 billion in the first nine months, up 12 percent year-on-year.

The company’s attributable power generation capacity reached 2,353 megawatts as of  end-September.   source