DAVAO CITY-Aboitiz Power Corp. credited power-generation projects for pushing its bottom line in the first nine months of the year by 4 percent.
The trend may likely be seen in the succeeding quarters as the company kept a tight grip on its target to generate as much as 4,000 megawatts (MW) by 2020, the company announced here.
Aboitiz Power said it earned P15.7 billion during the January-to-September period. It ascribed the increase to the 'fresh contribution from the GNPower-Mariveles thermal power plant and the strong performance of its various hydro-power plants'.
'At the core net income level, Aboitiz Power's generation business grew 25 percent year-on-year, from P12.3 billion to P15.3 billion,' the company said, adding total income contribution of the generation business for the period amounted to P14.2 billion.
Its core net income level refers to its income 'without one-off losses' or losses 'from the revaluation of dollar-denominated liabilities and placements and from the debt prepayment costs associated with a debt refinancing of a subsidiary'. During the nine-month period, the company reported one-off losses reaching P1.7 billion, versus last year's P102 million. The company's consolidated earnings before interest, taxes, depreciation and amortization 'grew from P28.5 billion to P35.4 billion, a 24-percent increase year-on-year'.
Its earning from the generation business was accounted by the increase in the capacities contracted by electric cooperatives and distribution utilities. The increase was at the level of 39 percent, from 2,244 MW to 3,112 MW, 'mainly driven by the additional capacities from GNPower-Mariveles, higher generation of the hydro units, and more capacities contracted.'
'The significant growth in our generation business highlights our balanced strategy, as both our renewable and thermal plants contributed to our nine-month performance. Internally, we will continue to improve how we do things and become a world-class organization so the plants run more efficiently and reliably to better serve our customers,' said Antonio R. Moraza, Aboitiz Power president and COO. Moraza said the company would continue to be on the lookout for opportunities 'as we march toward our target of 4,000-MW net-attributable capacity by 2020 while meeting the demands of sustainability, energy security and affordability'.
Attributable sales in the distribution group for the period were at 3,924 gigawatt-hours, registering a 3-percent increase from the same period last year, the company said.
'We see significant growth in the economies served by our distribution utilities, and these will require additional power,' Moraza said. 'We are ready to respond to this need by ensuring that we have enough supply contracts while improving our distribution network, so it will be able to serve our customers well, and to respond to their needs fast.'
(c) 2017 Business Mirror Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers