Aboitiz Power Corp. said Tuesday it recorded a 4-percent decline in its first-half net income to P17.1 billion from P17.8. billion a year ago due to the depreciation and interest for GNPower Dinginin Ltd. Co.
AboitizPower said in a disclosure to the Philippine Stock Exchange that excluding forex and derivative gains, core net income in the first half would be P17.1 billion, compared to P17.8 billion in the same period last year.
“Our financial performance in the first half of 2024 is a testament to our strategic focus on operational efficiency and adaptability to market conditions,” AboitizPower president and chief executive Danel Aboitiz said.
The company did not disclose its revenues for the period but said earnings before taxes, depreciation and amortization (EBITDA) grew 8 percent year-on-year to P36.3 billion amid higher generation portfolio margins.
This also resulted in 6-percent EBITDA growth in the second quarter to P19.9 billion from P18.7 billion in the same period in 2023.
“The growth in EBITDA, fueled by improved margins and strategic business expansion, positions us for continued success in support of the country’s economic growth and prosperity,” Aboitiz said.
AboitizPower said it generation and retail supply business EBITDA reached P33 billion, or 10 percent higher than in the same period in 2023, driven by higher portfolio margins and energization of the company’s Cayanga and Laoag solar plants.
Energy sold in the first half reached 17,758 gigawatt-hours (gWh).
Meanwhile, AboitizPower’s distribution business posted an EBITDA of P4.2 billion, or 16 percent lower than the P5 billion in the same period in 2023 mainly due to the favorable timing of pass through charges due to the steep decline in fuel prices in that year.
Energy sales increased by 9 percent to 3,256 GWh in the first half from 2,983 GWh in the same period in 2023 on higher demand driven by the effect of the El Niño phenomenon.
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