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Manila Bulletin devider Business devider AboitizPower profit at P9 B in third-quarter

AboitizPower profit at P9 B in third-quarter

Published Oct 31, 2023 08:39 am

At A Glance

  • AboitizPower Corp.'s consolidated net income reached P8.9 billion in July-September, a 7% decrease compared to the same period last year.<br>Non-recurring gains were P134 million in Q3, down from P325 million in the previous year. Core net income, excluding one-time gains, was 5% lower at P8.8 billion.<br>The decline was primarily driven by timing refunds made by the Distribution group in response to rate adjustments mandated by the Energy Regulatory Commission.<br>AboitizPower's San Fernando City distribution facility was ordered to refund consumers P654.4 million.<br>However, net income increased by 37% to P26.7 billion in January-September 2023, compared to P19.5 billion the previous year, due to derivative gains from commodity hedging.<br>Emmanuel V. Rubio, AboitizPower's president and CEO, attributes the company's strong performance to resilience, adaptability, and vision.<br>Strategic partnerships position the company to achieve renewable energy growth ambitions and explore innovation and expansion opportunities.<br>AboitizPower aims to diversify its energy offerings further, focusing on sustainable practices and technology-driven energy solutions.

Aboitiz Power Corp. reported a decrease in profit in the third quarter of the year due to lower non-recurring gains and refunds given to consumers.

In a disclosure to the Philippine Stock Exchange on Tuesday, Oct. 31, AboitizPower said its consolidated net income reached P8.9 billion from July to September, lower by seven percent compared to P9.6 billion in the same period last year.

According to AboitizPower, this was due to decline in the company’s non-recurring, or one-time gains.

“The Company recognized non-recurring gains of P134 million during the period [third-quarter] versus the P325 million in non-recurring gains recorded during the same period last year,” AboitizPower said.

But even without these one-off gains, AboitizPower’s core net income was still five percent lower year-on-year to P8.8 billion.

“This was primarily driven by the timing of refunds made by the Company’s Distribution group, due to rate adjustments mandated by the Energy Regulatory Commission’s Resolution No. 14, Series of 2022,” AboitizPower said.

Earlier, the ERC ordered Aboitiz Power's San Fernando City distribution facility to refund consumers P654.4 million.

Meanwhile, AboitizPower said its net income increased by 37 percent to P26.7 billion in January to September 2023 from P19.5 billion a year ago.

The company said the robust profit growth was “due to derivative gains from commodity hedging.”

Emmanuel V. Rubio, AboitizPower, president and chief executive officer, said the company's impressive performance in the first nine months of the year was driven by resilience, adaptability, and vision.

“Through our strategic partnerships, we are well-positioned to accomplish our RE [renewable energy] growth ambitions, opening up opportunities for innovation and expansion,” Rubio said.

“Looking ahead to 2024, Rubio said AboitizPower is optimistic about its prospects, building upon the momentum of 2023.

“We look forward to diversifying our energy offerings further, focusing on sustainable practices and creating more technology-driven energy solutions,” he added.

AboitizPower’s Generation and Retail Supply business recorded earnings before interest, taxes, depreciation and amortization of P46.7 billion at end-September, 20 percent higher than the P39 billion recorded in the same period in 2022.

The company said this was primarily due to higher availability and fresh contributions from GNPower Dinginin Ltd. Co. (Philippines). (Gabriell Christel Galang)

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