AboitizPower net income down in Q1 this year

BUSINESS
May 2, 2020

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ABOITIZ Power Corp. recorded lower net income in the first quarter of 2020 compared to the same period last year.
     In a statement Thursday, AboitizPower said its net income reached P2.1 billion in January to March from P3.6 billion recorded in the same months in 2019.
    The company attributed the decline to lower earnings before interest, tax, depreciation and amortization (EBITDA); higher income taxes for its Therma South and GNPower Mariveles power plants following the expiration of the tax perks of these two facilities; and additional interest payment from the parent bond and loan that were taken up late last year.
    Outages in Therma South and GNPower Mariveles and lower selling prices also affected the firm’s performance in the first three months of the year.
    “With the additional capacities in our portfolio, we have fortified our bench and have further strengthened governance across different parts of the business,” AboitizPower President and Chief Executive Officer Emmanuel Rubio said.
    In the first quarter of 2020, total capacity sold of its generation business increased to 3,445 megawatts from 2,974 MW sold in January to March 2019.
    EBITDA from the firm’s generation and retail supply business reached P7.4 billion in January to March, a decline from P8.6 billion recorded in the same period last year.
    AboitizPower’s EBITDA from its distribution business, on the other hand, went up to P2.1 billion from P1.9 billion.
    The company said energy consumption from both residential and commercial users increased in the first quarter, as well as the higher number of customers from the industrial segment.
    Energy sales of AboitizPower’s distribution unit increased to 1,429 gigawatt-hours in January to March this year from 1,343 GWh sold in the same period last year. (PNA)

 

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