Thursday,
November 09, 2017
ABOITIZ Power Corp.
(AboitizPower) reported a four-percent increase in its net income to P15.7
billion for the first nine months of the year due to fresh contribution from
the GNPower Mariveles Coal Plant Ltd. Co. (GNPower-Mariveles) thermal power
plant and the strong performance of its various hydro power plants. The company
recognized non-recurring losses of P1.7 billion (versus last year’s loss of
P102 million) from the revaluation of dollar denominated liabilities and
placements and from the debt prepayment costs associated with a debt
refinancing of a subsidiary. Without these one-off losses, core net income grew
15 percent from P15.2 billion to P17.5 billion. The company’s consolidated
earnings before interest, taxes, depreciation, and amortization grew from P28.5
billion to P35.4 billion, a 24-percent increase year-on-year (YoY). (PR)
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