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Aboitiz Power income dropped 13% in Q1 to P4.4B

Aboitiz Power Corp. reported a 13-percent year-on-year drop in its first-quarter consolidated net income, which settled at P4.4 billion in the period that ended last March 31.

However, the company also saw a 4-percent year-on-year rise in first-quarter core net income, reaching P5 billion this year from P4.8 billion in 2016.

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The company said in a statement the increased interest expense and depreciation narrowed the growth rate in core net income.

Aboitiz Power cited non-recurring losses of P577 million, a reversal from last year’s gain of P242 million. This was attributed to foreign exchange losses on the revaluation of dollar-denominated liabilities and mark-to-market of derivatives.

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The group’s power generation business recorded a 14-percent jump in Ebitda, which was pegged at P9.2 billion from P8.1 billion previously.

This was due to a strong performance of the hydropower units and fresh contribution from GNPower Mariveles Coal Plant Ltd. Co. (GMCP).

During the March quarter, growth in Aboitiz Power’s attributable net energy sold was flat at 3,448 gigawatt-hours (GWh).

Aboitiz Power said the contribution of GMCP and the increase in hydro plants’ output were offset by the outages of Therma South, the lower dispatch of oil units, and lower steam supply affecting the Tiwi plant output as it continued to recover from the effects of Typhoon Nina.

“We continue to leverage on our portfolio of renewable and thermal power plants, giving us the flexibility to respond to the needs of our customers and the market while assuring our customers of reliability of supply and our technical support,” Aboitiz Power president and chief operating officer Antonio R. Moraza said.

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