Aboitiz Power Corp. (APC), the power generation arm of the Aboitiz group, posted a net income of P4.1 billion last year, a substantial 124-percent growth from P1.8 billion in 2006.
In a disclosure to the Philippine Stock Exchange (PSE), the publicly-listed power firm said the exceptional performance translated to earnings per share of 66 centavos, from 37 centavos in 2006.
The improvement in profit was also reflective of a consolidated total revenue growth of 25 percent year-on-year, from P8.7 billion to P10.8 billion.
Moreover, APC said it registered a non-recurring income of P785 million last year due to foreign exchange net gains resulting from the revaluation of dollar-denominated loans and placements of some of its subsidiaries.
But the growth in non-recurring income also came with a robust growth in recurring earnings of P3.4 billion, up 81 percent from a year earlier.
The company said income contribution from the power distribution business went up 52 percent to P1.5 billion in 2007, as total electricity sales grew seven percent year-on-year from 2,507 gigawatt-hours (gwh) to 2,673 gwh. Sales contributions from APC’s acquisitions during the year further boosted sales by 11 percent to 2,790 gwh.
In 2007, APC acquired 100 percent of Mactan EnerZone Corp. and 60 percent of Balamban Enerzone Corp., both in Cebu province. The company also acquired an additional 36 percent of Subic Enerzone Corp., thus completing its ownership in the Subic Freeport Zone utility to 100 percent.