Aboitiz Power Corp. yesterday reported a consolidated net income of P4 billion in the first quarter, falling 9 percent year-on-year due to the depreciation of the peso against the US dollar.
AboitizPower saw nonrecurring foreign exchange losses of P1.2 billion as its dollar-denominated liabilities underwent revaluation.
This meant a slower decline in growth as the company suffered a 13-percent drop in net income in the first quarter of 2017.
“Despite the one-off adjustments we have to incur in the quarter, we continue to see modest growth of the group in both our generation and distribution business,” AboitizPower president and chief operating officer Antonio R. Moraza said in a statement.
“On the positive note, we continue to see improvements in plant reliability and availability which has resulted in significant financial contributions,” Moraza said.
According to AboitizPower, its core net income for the first quarter increased by 4 percent to P5.2 billion if the one-off adjustments were left out.
Also, the company’s consolidated Ebidta (earnings before interest, tax, depreciation and amortization) jumped 11 percent to P11.9 billion from P10.7 billion.