ACEN profit up 49%

The activation of more renewable energy projects powered ACEN Corp.’s earnings by 49 percent in the first half.

The Ayala Group’s listed energy arm said its consolidated net income attributable to the parent soared to P6.3 billion from the P4.2 billion booked a year ago.

READ: ACEN seeks more lead time to build clean energy facilities

Excluding gains recognized from the divestment from an Indonesian wind farm and partial repayment of a loan extended for a wind project in Vietnam, profit reached P4.9 billion.

Core attributable earnings before interest, taxes, depreciation and amortization rose 21 percent to P10.1 billion.

The group’s renewables capacity hit 4.8 gigawatts (GW) as of end-June, bigger than last year’s 4.3 GW. —Lisbet K. Esmael