ACEN first quarter net income drops to P1.95B

MANILA, Philippines — ACEN Corp., the listed renewable energy arm of the Ayala Group, started the year with lower earnings due to weaker power generation and spot market prices, as well as higher expenses.

In a disclosure on Thursday, the company said its consolidated net income had dropped by 28 percent to P1.95 billion from P2.7 billion a year ago.

The group said the electricity generated by its clean energy facilities in the Philippines had fallen by 14 percent to 489 gigawatt hours (GWh) from 570 GWh.

Prices at the Wholesale Electricity Spot Market also went down during the period, affecting its profit.

Expenses likewise climbed as more plants came online.

READ: Ayala’s ACEN cues switch-on of more renewables

Meanwhile, its international plants generated 1,191 GWh of renewable energy in the period, up 13 percent.

Aside from the Philippines, ACEN is also present in Australia, Vietnam, India, Lao PDR, and Indonesia.

READ: Mitsubishi backs ACEN’s energy transition credit push