AboitizPower posts P14-B net income as of September
ABOITIZ POWER Corp. (AboitizPower) recorded a 22 percent year-on-year (YoY) decrease in its consolidated net income for the year’s first nine months, from P18.4 billion last year to P14.3 billion.
The power generation business accounted for 83% of earnings contributions from AboitizPower’s business segments, recording an income share of P12.1 billion for the first nine months of 2013, down 29% YoY.
Netting out one-off items, AboitizPower’s generation business shored in P13.6 billion for the period, which was 17% lower than last year.
“Power will remain a key focus for us. We are committed to providing power in support of the country’s economic growth. We still believe the most pragmatic and cost-effective way of achieving this is through a balanced mix of base load and renewable energy sources where feasible,” AboitizPower president and CEO Erramon I Aboitiz said.
For the quarter ending September 30, 2013, the power generation business recorded an income contribution of P4 billion, 31% lower as compared to the same period last year. The adverse impact on earnings was mainly attributable to the lower margins registered by the Pagbilao plant and the higher fuel cost brought about by the implementation of the Geothermal Resource Supply Contract (GRSC) for the Tiwi and Makiling-Banahaw (Tiwi-MakBan) plants.
When adjusted for non-recurring items, the group registered a 28% YoY decrease in its core net income, from P5.8 billion to P4.2 billion.
The group’s average price for its power decreased by 12% YoY during the first nine months of 2013.
Expansions in volumes and margins resulted to an 11% YoY growth in the power distribution group’s earnings share for the first nine months of 2013, from P2.2 billion to P2.4 billion.
Total attributable electricity sales increased by 3% YoY, from 2,935 GWh to 3,024 GWh. The residential segment spearheaded the growth in sales with a 6% YoY expansion in volume sales, while commercial and industrial accounts registered YoY growth of 5% and 3%, respectively.