Electricity sales, strong dollar boost AboitizPower income

Aboitiz Power Corp.’s earnings grew by 24 percent in the first nine months of this year, gaining from higher energy sales and appreciation of the US dollar.

In a disclosure, Aboitiz Equity Ventures Inc.’s flagship unit said its net income at the end of September climbed to P19.5 billion from the P15.7 billion posted in the same period a year prior.

For the period, it realized non-recurring gains of P1.2 billion largely due to the stronger greenback against P36 million in non-recurring losses incurred last year.

Without these one-off gains, AboitizPower said core net income was P18.3 billion, up by 17 percent from P15.7 billion.

If not for the impact of Typhoon Odette, liquidated damages and business interruption claims recognized last year, the listed firm would have gained 33 percent in core net income and 42 percent in consolidated net income.

This was mainly because of the fresh contribution of GNPower Dinginin Ltd. Co.’s units 1 and 2 and higher availability of the GNPower Mariveles Energy Center Ltd. Co.’s coal facility, higher water inflows and gains from commodity hedges, which refers to the price protection agreement related to commodity products.

AboitizPower said its hedging program has been in place as early as 2018.

“We have seen peak energy demand continue picking up in Luzon and Visayas during this past quarter, exceeding prepandemic levels. Our new capacities have been delivering much-needed energy to the grid during its commissioning period,” said AboitizPower president and CEO Emmanuel Rubio. —Jordeene B. Lagare, INQ