Aboitiz Power income up 200% to P6.2 B in Q1

Published April 29, 2021, 6:30 AM

by Myrna M. Velasco

The consolidated net income of Aboitiz Power Corporation had climbed by a very significant 200-percent in the first quarter to P6.2 billion from a relatively trimmed bottom line of P2.1 billion in the same period last year.


The company said it logged non-recurring losses of P29 million within the three-month review period, and that was slightly higher than the P27 million posted last year.


Without the one-off losses, the income growth of Aboitiz Power should have been slightly lower at 197-percent but still within the level of P6.2 billion; and these were mainly “due to higher water inflows, higher availability of the company’s thermal facilities and higher spot sales.”

Aboitiz Power President and CEO Emmanuel V. Rubio (Photo credit: https://aboitizpower.com)


The company similarly disclosed that it was able to “claim liquidated damages for the delay in the construction of GNPower Dinginin Ltd. Co. and received the final payment for business interruption claims resulting from GNPower Mariveles Energy Center Ltd. Co. outages in 2020.”


Aboitiz Power President and CEO Emmanuel V. Rubio said the company’s first quarter financial outcome had been “very encouraging”, hence, their aim is “to keep this growth momentum by continuously working towards our availability and reliability targets.”


One of the operational milestones whipping up excitement in the power company, according to Rubio, is the nearing commercial operation date (COD) of the first unit of the GNPower Dinginin coal-fired power plant, which is of 668MW capacity; while the second unit of the same capacity will be on-line by next year.


“We look forward to our incoming capacities, especially renewable energy, which will be our primary focus in the next 10 years,” Rubio stressed.


The volume of capacity sold within January to March this year inched up by 3.0-percent to 3,558 megawatts, as against the leaner 3,445MW posted within the same stretch last year.


In terms of energy sales, that was equivalent to 8.0-percent uptrend to 6,130 gigawatt-hours versus 6,575 GWh a year ago.


The generation and retail supply segment of the company booked earnings before interest, taxes, depreciation and amortization (EBITDA) of P11.9 billion, which was 60-percent higher than the P7.4 billion registered in the same January-March period in 2020.


Aboitiz Power emphasized “these improvements offset the lower demand for power brought about by the continued enforcement of Covid-related community quarantines.”


On the power distribution sphere of the company’s business operations, EBITDA had softened by 2.0-percent to P2.07 billion vis-à-vis last year’s P2.12 billion.


The company noted that energy sales dropped by 8.0-percent to 1,308 GWh in this initial quarter; compared to a more robust sales result of 1,429 GWh in the prior year.

 
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