Aboitiz Power posts P2.1 billion consolidated net income for 1st quarter of 2020

By: Irene R. Sino Cruz - Correspondent/CDN Digital | May 01,2020 - 04:39 PM

CEBU CITY, Philippines —The Aboitiz Power Corporation registered a lower consolidated net income for the first quarter of 2020.

In an emailed statement, Aboitiz Power placed its consolidated net income at P2.1 billion for the period, 43 percent lower than the P3.6 billion recorded in the same period last year.

The company has non-recurring losses amounting to P27 million for the first three months of the year, much lower than its P440 million non-recurring losses in the same period in 2019.

Without these one-off losses, Aboitiz Power’s core net income for 2020 1Q was at P2.1 billion, 49 percent lower year-on-year (Y-o-Y).

The lower core net income was due to the decline in earnings before interest, tax, depreciation and amortization (EBITDA), coupled with additional taxes from the income tax holiday expirations of Therma South and GNPower Mariveles power plants and the additional interest expense from the parent bond and loan that were taken up late last year.

The outages in Therma South and GNPower Mariveles, and lower selling prices, which mitigated the fresh contributions of Therma Visayas and decreased purchased power costs, also affected the company’s performance.

“With the additional capacities in our portfolio, we have fortified our bench and have further strengthened governance across different parts of the business,” said Emmanuel V. Rubio, Aboitiz Power president and chief executive officer.

“We will also continue to adapt to the constantly changing business climate due to the pandemic situation and make further adjustments when necessary, to sustain the business while providing the much-needed support for our stakeholders,” Rubio said.

Aboitiz Power’s generation and retail supply business recorded a consolidated EBITDA of ₱7.4 billion in the first quarter of 2020, 13 percent lower than the ₱8.6 billion recorded in the corresponding period last year.  

Meanwhile, the capacity sold in the first quarter of 2020 reached 3,445 megawatts (MW), up by 17 percent from 2,947 MW in the same period last year.

The company’s distribution business recorded consolidated EBITDA of ₱2.1 billion, 12 percent higher than the ₱1.9 billion recorded last year.

On the other hand, energy sales increased to 1,429 gigawatt-hours (GWh) during the first three months of 2020, up by six percent from 1,343 GWh in the first quarter of 2019.

This was driven by higher energy consumption from the residential and commercial customer segments, and growth in the number of customers from the industrial segment./dbs

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TAGS: aboitiz power, Aboitiz Power Corporation, consolidated net income, depreciation and amortization, earnings before interest, EBITDA, tax

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