AboitizPower earns 15% more in Q1

MANILA, Philippines – Higher generating capacities from new and existing plants propped up the net earnings of Aboitiz Power Corp. in the three months of 2016.

AboitizPower said in a statement its consolidated net income for the period amounted to P5 billion, up 15 percent from P4.3 billion a year earlier.

Stripped of non-recurring gains,  core net income rose 10 percent to P4.8 billion.

“Our performance in this year’s first quarter reflects the strength of our right-mix strategy with our portfolio of renewable and non-renewable energy sources,” AboitizPower president and COO Antonio Moraza said.

Bulk of the company’s income came from its power generation business.

The segment contributed P4.2 billion, which grew 17 percent year-on-year due to the fresh contribution of Therma South Inc.’s baseload power plant, which began full commercial operations last Feb. 2.

For the period, capacity sales rose 12 percent from 1,804 megawatts (MW) to 2,014 MW due to additional capacities from Therma South and higher available capacities from SN AboitizPower Group’s hydropower plants.

This led to higher attributable energy sold, which expanded 22 percent from 2,828 gigawatt-hours (gwh) to 3,451 gwh. Of the total, 91 percent were from bilateral sales while the balance came from spot sales.

AboitizPower’s distribution business, on the other hand, contributed P851 million to total income. This increased five percent from P812 million a year ago.

The company attributed this expansion to higher electricity sales across all customer segments.

Attributable electricity sales expanded eight percent to 1,201 gwh from 1,111 gwh, with residential, commercial, and industrial sales registering growth of 11 percent, 11 percent and six percent, respectively.

“As demand for electricity grows, we remain committed to look for better solutions, be it energy sources, technology and innovative programs – to provide ample power when needed at a reasonable cost, keeping in mind our responsibility to the environment and to our host communities,” Moraza said.