One-off losses cap Aboitiz Power’s 9-mo income rise

New capacity from its GNPower Mariveles thermal plant and the strong performance of its hydro power facilities resulted in a 4-percent increase in the net income of Aboitiz Power Corp. for the first nine months of the year.

In a statement, the listed firm said it also recognized higher nonrecurring losses of P1.7 billion versus last year’s loss of P102 million from the revaluation of dollar denominated liabilities and placements, and from the prepayment costs associated with a debt refinancing of a subsidiary.

Without these one-off losses, core net income grew 15 percent from P15.2 billion to P17.5 billion. The company’s consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) grew from P28.5 billion to P35.4 billion, up 24 percent year-on-year.

At the core net income level, AboitizPower’s generation business grew 25 percent from P12.3 billion to P15.3 billion. Its total income contribution for the period hit P14.2 billion.