AboitizPower nets 6% more to P21.7 billion

MANILA, Philippines — Aboitiz Power Corp. reported a six percent rise in net earnings last year to P21.7 billion, helped by contribution from new generating capacities.

Core net income amounted to P23.8 billion, which was only two percent higher year-on-year because it recognized non-recurring losses of P2.1 billion.

The company’s consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) reached P51.5 billion, up eight percent year.

“We were able to sustain our growth with the entry of new capacities from our baseload power plant in Pagbilao, as well as our hydro plant in Manolo Fortich, Bukidnon and our efforts to continuously improve the availability and reliability of our generation assets,” AboitizPower COO Emmanuel Rubio said.

Its generation and retail electricity supply business registered a consolidated EBITDA of P43 billion, eight percent higher.

This was attributed to the fresh contributions from Pagbilao Energy Corp. (PEC) and Hedcor Bukidnon Inc.

PEC, the joint venture between TPEC Holdings Corp. and Therma Power Inc., which are wholly-owned subsidiaries of TeaM Energy Corp. and AboitizPower, started operating the 420-megawatt (MW) coal-fired power plant in Pagbilao, Quezon early last year.

Hedcor Bukidnon also commenced operations for its 68.8-MW hydro plant in Manolo Fortich.

However, capacity sold during the year was flat at 3,152 MW.

“With our increased economic stake in the GNPower Mariveles and Dinginin projects, we are confident we will surpass our target of 4,000 MW net attributable capacity by 2020. These growth opportunities are all driven by our commitment to balance the needs of our customers in terms of the reliability, cost-efficiency, and environmental sustainability of the country’s power supply,” Rubio said.