Aboitiz Power income up P5 billion in Q1

by Lenie Lectura - May 6, 2016

http://www.businessmirror.com.ph/aboitiz-power-income-up-p5-billion-in-q1/

ABOITIZ Power Corp. on Friday reported a 15-percent growth in its consolidated net income for the first quarter of the year to P5 billion, mainly on account of improvement in its power-generation and -distribution businesses.

Core net income also rose to P4.8 billion, 10 percent higher than the P4.3 billion it booked in the same period last year. The increase was mainly brought about by the reevaluation of consolidated dollar-denominated assets and liabilities. This led to a nonrecurring gain amounting to P242 million.

“Our performance in this year’s first quarter reflects the strength of our right-mix strategy with our portfolio of renewable- and nonrenewable-energy sources,” said Antonio R. Moraza, AboitizPower president and CEO.

The company’s power-generation business in the first quarter registered an income contribution of P4.2 billion, 17 percent higher versus the previous year, due to the fresh contribution of Therma South Inc.’s baseload-power plant, which began full commercial operations on February 2.

For the period, capacity sales rose by 12 percent to 2,014 megawatts (MW), from 1,804 MW, due to additional capacities from Therma South and higher available capacities from SN Aboitiz Power or Snap Group’s hydropower plants.

The power distribution’s first-quarter income contribution, meanwhile, posted a 5-percent increase year-on-year to P851 million, from P812 million due to higher electricity sales across all customer segments.

Attributable electricity sales expanded by 8 percent to 1,201 gigawatt-hours (GWh), from 1,111 GWh, with both residential and commercial segments growing 11 percent, and industrial sales registering a 6-percent growth.

“As demand for electricity grows, we remain committed to look for better solutions, be it energy sources, technology and innovative programs—to provide ample power when needed at a reasonable cost, keeping in mind our responsibility to the environment and to our host communities,” Moraza said.

As of March 31, the company’s total consolidated assets amounted to P267.3 billion, 10 percent higher than the year-end 2015 level of P242.5 billion.

AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution and retail-electricity services.

The company is one of the largest power producers in the Philippines with a right-mix portfolio of assets located across the country.

AboitizPower is a major producer of Cleanergy, its brand for clean and renewable energy with several hydroelectric and geothermal power-generation facilities. It also has various fossil-fired power plants in its generation portfolio to support the baseload and peak energy demands of the country.

The company also owns distribution utilities that operate in high-growth areas in Luzon, the Visayas and Mindanao, including the second- and third-largest private utilities in the country.