Published
October 27, 2016, 10:01 PM By
Myrna M. Velasco
The higher earnings
contribution of its power generation venture buoyed the profitability of
Aboitiz Power Corporation to P15.1 billion in three quarters ending September,
climbing 24 percent from last year’s P12.2 billion.
Factoring in
non-recurring foreign exchange loss of P102 million, mainly due to the revaluation
of its consolidated dollar-denominated loans and placements net of recognized
gain on acquisition, the resulting core income of the company had been at P15.2
billion.
Aboitiz Power said its
300-megawatt Davao coal-fired power plant under corporate vehicle Therma South,
Inc. pumped up the company’s overall bottom line figure.
To date, the Aboitiz
Group still counts its power generation business the biggest contributor to
favorable financial performance, accounting for roughly 80 percent. The income
share was pegged at P12 billion, with a growth of 26 percent year-on-year.
The company emphasized
that if one-off items are netted out, “the income contribution of Aboitiz
Power’s generation business amounted to P12.5 billion.”
Aboitiz Power President
and Chief Operating Officer Antonio R. Moraza noted that their baseload
capacities, such as those of the Therma South and Pagbilao plants, are critical
not only in propping up their business growth model but also in meeting the
country’s need for reliable and sustainable supply of electricity.
Energy sales from
January to September this year, according to the group, expanded 13 percent to
10,308 gigawatt hours (GWh) from 9,161 GWh in the same period last year.
Capacities locked-in
via bilateral power supply contracts had proven to be “gold” for the company as
they continue to bring in roughly stable stream of revenues.
Moving forward, Moraza
indicated their optimism that “we will realize our target of 4,000 megawatts
capacity by 2020” – from combination of investments in fossil fuel-fired and
renewable energy portfolios, it’s view of a balanced mix.
On power distribution,
income had an upswing of 11-percent to P2.9 billion from the year-ago level of
P2.6 billion.
Electricity sales
jumped 8.0 percent year-on-year to 3,818 GWh from last year’s 3,546 GWh for the
same period.
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