Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

AboitizPower 9-month income up 2% amid higher energy sales

ABOITIZ POWER Corp.’s (AboitizPower) net income rose by 2% to P26.7 billion in the nine months to September, spurred by its power generation and distribution units.

This was despite the recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s Units 1 and 2, it said in a stock exchange filing on Thursday.

Excluding foreign exchange and derivative gains, core net income for the period slightly rose by 1.9% to P27.2 billion.

AboitizPower did not provide net income figures for the third quarter.

In the nine months ended September, its beneficial earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 12% to P56.1 billion.

“This was largely driven by higher generation portfolio margins and additional capacities from the 159-megawatt (MW) Laoag and 94-MW Cayanga solar plants,” it said.

The growth in retail volume and higher energy sales from its distribution utility business also lifted the company’s beneficial EBITDA. For the third quarter alone, beneficial EBITDA grew by 19% to P19.8 billion.

From January to September, AboitizPower’s EBITDA in its generation and retail supply business rose by 11% to P50.9 billion, with energy sales increasing by 2% to 26,910 gigawatt-hours (GWh).

For its distribution business, EBITDA was higher by 11% to P6.6 billion, lifted by energy sales that increased by 8% to 4,939 GWh amid a heat wave brought by El Niño.

Energy sales from residential, commercial and industrial customers gained 14% and 5% year on year.

AboitizPower ended the three-quarter period with total assets worth P497.3 billion, up 2%. Total consolidated interest-bearing liabilities and attributable equity stood at P240.1 billion and P193.7 billion.

AboitizPower shares shed 1.58% to close at P37.40 each. — Sheldeen Joy Talavera

    You May Also Like

    Stock Markets

    PHILIPPINE STAR/ MICHAEL VARCAS THE World Bank (WB) said it returned a “satisfactory” rating on progress made by the Department of Agriculture in enhancing...

    Finance

    With the Labour government set to present its first budget on 30 October, anticipation is mounting as businesses and individuals alike brace for potential...

    Finance

    The UK is set to create nearly 38,000 jobs and attract £63 billion in investment following the International Investment Summit, which focused on infrastructure,...

    Finance

    The UK tech industry is on edge as speculation mounts over potential changes to Capital Gains Tax (CGT) in the upcoming Autumn Budget. Leading...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Captain Of Success. All Rights Reserved.