Aboitizpow­er posts P8.6-bil­lion first half net in­come

Sun Star Bacolod - - Billboard -

ABOITIZ Power Cor­po­ra­tion (Aboitizpow­er) re­ported a net in­come of P8.6 bil­lion for the first half of 2019, 5% lower than the P9.1 bil­lion recorded last year. With­out one-off gains, the com­pany’s core net in­come was P8.5 bil­lion, 19% lower than the P10.5 bil­lion recorded in the same period last year, which was largely the re­sult of the higher vol­ume and cost of pur­chased power dur­ing the first half of 2019.

Spot mar­ket prices were ex­cep­tion­ally high dur­ing the first half of 2019, and the com­pany pur­chased re­place­ment power due to out­ages and con­tract­ing ahead in prepa­ra­tion for in­com­ing ca­pac­ity.

“The first half of 2019 was chal­leng­ing for Aboitizpow­er as Lu­zon faced sup­ply is­sues lead­ing to the elec­tions. Nev­er­the­less, we re­mained com­mit­ted to serv­ing our cus­tomers to the ex­tent of pro­vid­ing them with re­place­ment power that we bought from the spot mar­ket at rates higher than our con­tract prices,” Em­manuel V. Ru­bio, Aboitizpow­er Chief Op­er­at­ing Of­fi­cer, said.

Re­sults of Oper­a­tions

Gen­er­a­tion and Re­tail Elec­tric­ity Sup­ply

Aboitizpow­er’s gen­er­a­tion and re­tail elec­tric­ity sup­ply busi­ness recorded con­sol­i­dated earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­za­tion (EBITDA) of ± 17.8 bil­lion in the first half of 2019, 12% lower than the ± 20.2 bil­lion recorded dur­ing the same period last year. Ca­pac­ity sold for the first half of 2019 de­creased by 6%, from 3,213 megawatts (MW) in 2018 to 3,035 MW in 2019, due to Therma Mo­bile, Inc.’s bunker C-fired diesel power plants be­ing put on preser­va­tion mode in the first quar­ter of 2019.

“With sup­ply sta­bi­liz­ing and with our new ca­pac­ity com­ing in, we are pos­i­tive about ex­ceed­ing our 2020 tar­get of 4,000 MW at­trib­ut­able ca­pac­ity, which will al­low for a steady and sus­tain­able long-term growth mo­men­tum,” Ru­bio noted. Dis­tri­bu­tion Aboitizpow­er’s dis­tri­bu­tion busi­ness recorded a con­sol­i­dated EBITDA of P3.7 bil­lion, 5% lower than the P 3.9 bil­lion last year due to lost mar­gins from the de­com­mis­sion­ing of the Ba­jada power plant. En­ergy sales rose to 2,842 gi­gawatt-hours (GWH), a 5% in­crease from the 2,719 GWH recorded in the first half of 2018, pri­mar­ily driven by the in­crease in new cus­tomers across all seg­ments.

About Aboitizpow­er

Aboitizpow­er is the hold­ing com­pany for the Aboitiz Group’s in­vest­ments in power gen­er­a­tion, dis­tri­bu­tion, and re­tail elec­tric­ity ser­vices. It ad­vances busi­ness and com­mu­ni­ties by pro­vid­ing re­li­able and am­ple power sup­ply at a rea­son­able and com­pet­i­tive price, and with the least ad­verse ef­fects on the en­vi­ron­ment and host com­mu­ni­ties.

The com­pany is one of the largest power pro­duc­ers in the Philip­pines with a bal­anced port­fo­lio of as­sets lo­cated across the coun­try. It is a ma­jor pro­ducer of Clean­ergy, its brand for clean and re­new­able en­ergy with sev­eral hy­dro­elec­tric, geo­ther­mal and so­lar power gen­er­a­tion fa­cil­i­ties. It also has ther­mal power plants in its gen­er­a­tion port­fo­lio to sup­port the baseload and peak en­ergy de­mands of the coun­try.

The com­pany also owns dis­tri­bu­tion util­i­ties that op­er­ate in high-growth ar­eas in Lu­zon, Visayas, and Min­danao, in­clud­ing the sec­ond and third largest pri­vate util­i­ties in the coun­try./pr

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