Aboitiz Power net income up 13%

November 3, 2012 10:23 am 

CEBU CITY, Nov. 2 — Aboitiz Power Corp. recorded a net income of P18.4 billion for the first nine months of 2012, a 13 percent increase compared to the P16.2 billion recorded during the same period in 2011, it said in a press statement Friday.

The revaluation of group-wide dollar-denominated loans and placements resulted in a non- recurring gain of P1.2 billion. In addition, AboitizPower logged P668 million one-off losses during the nine-month period.

With these adjustments, AboitizPower’s core net income as of Sept. 30 amounted to P17.9 billion, up by 15 percent year-on-year.

In the third quarter of 2012, AboitizPower’s net income was P6.2 billion, a 10 percent improvement year-on-year.

The strengthening of the peso resulted in a P220 million non-recurring gain due to the revaluation of dollar-denominated liabilities and placements across the group.

Netting out one-off items, AboitizPower’s core net income for the third quarter of 2012 was P6.4 billion, which is 13 percent higher than the same period last year.

”AboitizPower’s third quarter results reflected the higher demand coming from both our generation and distribution businesses. This was further boosted by higher Wholesale Electricity Spot Market prices due to higher demand and supply shortage because of several plant outrages. We also saw improvement in the distribution margins with the implementation of Performance Based Regulation and reduction of systems loss,” said AboitizPower president and CEO Erramon Aboitiz.

”This growth in demand reflects the overall economic growth that our nation is enjoying. AboitizPower is steadfast in our commitment to powering our nation’s future by providing ample power when needed, at the most competitive cost, utilizing the latest technology to allow us to harness power with the least adverse effect to the environment,” Aboitiz said.

The generation business contributed P17.2 billion in the first nine months of the year, accounting for 89 percent of earnings contributions from AboitizPower’s business segments.

This is up 12 percent higher year-on-year.

Netting out one-off items, AbotizPower’s generation business earned P16.4 billion for the period, which is 12 percent higher than in the same period last year.

The distribution business contributed P2.2 billion as of September, 24 percent year-on-year increase.

Total attributable electricity sales increase by six percent yea-on-year, from 2,764 GWh to 2,935 GWh.

Demand from all customer segments continued to grow with the industrial segment recording a seven percent year-on-year expansion in volume sales, while residential and commercial accounts registered five percent and three percent growth, respectively.(PNA)

HBC/EB/PR/GB

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