By Lenie Lectura - May 3,
2019
ABOITIZ Power Corp. posted a
9-percent decline in net income in the first three months of the year to P3.6
billion, from P4 billion recorded for the same period last year.
Core profit stood at P4.1 billion,
21 percent lower than a year ago, mainly due to the higher volume and cost of
purchased power.
The power firm recorded consolidated
earnings before interest, tax, depreciation and amortization (Ebitda) of P10.4
billion for the period, 13 percent lower than the P11.9 billion for the first
quarter of 2018.
The company said spot-market prices
were exceptionally high during the first three months of the year, and the
company purchased replacement power due to outages and over-contracting in
preparation for Therma Visayas Inc. (TVI) coming online.
“It has been a challenging first
quarter for the industry and AboitizPower. The planned maintenance shutdown of
power plants in preparation for the upcoming elections, coupled with forced
outages, resulted in the grid’s thinning reserves.
Despite this, our customers remain
our top priority and we ensured delivery of replacement power from the spot
market,” said Emmanuel V. Rubio, AboitizPower EVP and COO.
AboitizPower’s generation and retail
supply business recorded a consolidated Ebitda of P8.6 billion in the first
quarter of 2019, 15 percent lower than the P10.1 billion recorded during the
same period last year. This was primarily due to higher volume and cost of
purchased power.
Capacity sold for the first quarter
decreased by 7 percent from 3,174 megawatts in 2018 to 2,947 MW in 2019.
“We are excited with new supply
contracts and new power plants that have started to deliver power to the grid,
which should contribute to our bottom line starting this year,” Rubio said.
“We will continue to pursue our
renewable-energy projects as we look forward to the implementation of the Green
Energy Option Program and Renewable Portfolio Standards. We are committed to
continue providing the country with adequate power supply that is affordable
and sustainable,” Rubio added
AboitizPower’s distribution
business, meanwhile, recorded consolidated Ebitda of P1.9 billion, 3 percent
higher than the P1.8 billion recorded last year. The company saw energy
sales increase to 1,343 gigawatt-hours, which was 3 percent higher than the
1,298 GWh recorded in the first quarter of 2018. This was driven by the
increase in new customers across all segments.
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