AboitizPower 9-month income up 2% amid higher energy sales

ABOITIZ POWER Corp.’s (AboitizPower) net income rose by 2% to P26.7 billion in the nine months to September, spurred by its power generation and distribution units.

This was despite the recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s Units 1 and 2, it said in a stock exchange filing on Thursday.

Excluding foreign exchange and derivative gains, core net income for the period slightly rose by 1.9% to P27.2 billion.

AboitizPower did not provide net income figures for the third quarter.

In the nine months ended September, its beneficial earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 12% to P56.1 billion.

“This was largely driven by higher generation portfolio margins and additional capacities from the 159-megawatt (MW) Laoag and 94-MW Cayanga solar plants,” it said.

The growth in retail volume and higher energy sales from its distribution utility business also lifted the company’s beneficial EBITDA. For the third quarter alone, beneficial EBITDA grew by 19% to P19.8 billion.

From January to September, AboitizPower’s EBITDA in its generation and retail supply business rose by 11% to P50.9 billion, with energy sales increasing by 2% to 26,910 gigawatt-hours (GWh).

For its distribution business, EBITDA was higher by 11% to P6.6 billion, lifted by energy sales that increased by 8% to 4,939 GWh amid a heat wave brought by El Niño.

Energy sales from residential, commercial and industrial customers gained 14% and 5% year on year.

AboitizPower ended the three-quarter period with total assets worth P497.3 billion, up 2%. Total consolidated interest-bearing liabilities and attributable equity stood at P240.1 billion and P193.7 billion.

AboitizPower shares shed 1.58% to close at P37.40 each. — Sheldeen Joy Talavera