Listed AC Energy Philippines Inc. plans to post a positive bottom line this year despite the coronavirus pandemic through an aggressive expansion program and improved operational efficiencies.
ACEPH, controlled by the Ayala Group, posted a net loss of P417 million in 2019 after the company underwent a transformation through the acquisition of Phinma Group’s energy assets and the sale of some of its thermal assets.
“We expect the turnaround initiative to prosper and are aiming for a positive bottom line by 2020,” ACEPH chief executive officer Eric Francia said.
“While we are facing significant challenges amidst the current crisis, the company remains solid and steadfast in its commitment to a sustainable future,” Francia said.
He said ACEPH would continue to expand and diversify its capacity. It aims to build power generation capacity to over 1,500 megawatts this year and significantly increase the output renewable energy.