Aboitiz Power Corp. said Wednesday net income in 2015 climbed 5 percent to P17.6 billion from P16.7 billion in 2014 on higher sales volume.
The company’s core net income in 2015 amounted to P18.4 billion, up 9 percent from a year ago.
Aboitiz Power said in a disclosure to the Philippine Stock Exchange the power generation business booked revenues of P14.8 billion during the period, up 9 percent from 2014.
It attributed the growth to higher sales volume from the coal and large hydro groups that offset the decrease in revenues from the geothermal group due to steam decline. The impact of Magat, Binga, and Therma Marine plants’ income tax holiday expiration, meanwhile, was offset by the large hydro group’s lower financing cost and the geothermal group’s and oil business unit’s lower operating expenses.
Parent Aboitiz Equity Ventures Inc., meanwhile, said net income in 2015 declined four percent to P17.7 billion from P18.4 billion in 2014.
The company said in a separate disclosure the 2015 income without a one-time loss amounted to P18.3 billion, up 2 percent from a year ago.
The company incurred a non-recurring loss of P602 million in 2015 against a gain of P436 million in 2014, mainly from the mark-to-market revaluation of the power business unit’s consolidated dollar-denominated assets and liabilities.
Power accounted for 73 percent of the company’s bottom line, followed by the banking and financial services, food, land, and infrastructure strategic business units with income contributions of 14 percent, 9 percent, 3 percent, and 1 percent, respectively.
Aboitiz Power’s attributable net generation rose 11 percentfrom 11,272 GWh to 12,550 GWh, as electricity sold through bilateral contracts, which made up 91 percent of total energy sold during the period, expanded 18 percent to 11,383 GWh.
“We remain on track with our project pipeline as we welcomed new capacity from a number of power plants last year. This puts us well on the path to hitting 4,000 MW in national capacity by 2020 to meet the country’s energy needs,” Aboitiz Power president and chief operating officer Antonio Moraza said.
“Our portfolio of power plants composed of a right mix of renewable and non-renewable technology is a testament to our commitment to provide reliable, ample, and reasonably priced power with the least impact on our environment and our host communities,” he said.
The power distribution group’s earnings share for full year 2015 increased 19 percenmt to P3.8 billion from P3.2 billion.
Union Bank of the Philippines’ income contribution to AEV decreased 22 percent to P2.5 billion from P3.2 billion.
Strong growth in recurring net income partially offset the absence of trading gains, resulting in full year 2015 earnings falling to P5.3 billion from P6.8 billion posted in the previous year.
UnionBank’s total resources at the end of 2015 remained steady at P433.3 billion.
AEV’s non-listed food subsidiaries—Pilmico Foods Corp., Pilmico Animal Nutrition Corp. and Pilmico International PTE Ltd.—recorded a 31 percent growth in net income to P1.7 billion in 2015.