Aboitiz Power Corp. posted net income of P10 billion in the first six months of 2022, down 2 percent from P10.1 billion year-on year.
The company said in a disclosure to the stock exchange Wednesday it booked non-recurring gains of P792 million in the six-month period, primarily due to gains on the hedge of Therma Luzon Inc. and the appreciation of US dollar.
Aboitiz Power recorded P5 million in non-recurring gains in the first half of 2021. It said without these one-off gains, the company’s core net income in the first half reached P9.2 billion, or 9 percent lower than P10.1 billion in 2021.
Aboitiz Power said if the company excluded the impact of damage, business interruption claims and Typhoon Odette, it would have resulted in a 15-percent gain in core net income and a 23-percent gain in consolidated net income in the first half compared to the same period in 2021.
“We have seen an increase in peak demand in the Luzon and Visayas grids during the first half of 2022, exceeding levels from the past three years, including 2019, which was a pre-pandemic year. Aboitiz Power continues to ensure that our generation plants run optimally and that our incoming capacities are ready to support our customers’ energy needs,” said AboitizPower president and chief executive Emmanuel Rubio.
“We are optimistic that we will be able to maintain our high plant availability performance throughout the rest of the year, given the increasing economic activity across the country,” he said.
Aboitiz Power recorded a consolidated net income of P7.1 billion in the second quarter, or 79 percent higher than P4 billion recorded in the same period in 2021.
Core net income in the second quarter hit P6.2 billion, or 59 percent higher year-on-year primarily due to fresh contributions from GNPower Dinginin Ltd. Co.’s Units 1 and 2, higher availability of the GN Power Mariveles Energy Center Ltd. Co. facility, timing windfall on account of higher indices and higher water inflows.
Aboitiz Power’s generation and retail supply business recorded earnings before interest, taxes, depreciation and appreciation of P23.1 billion in the first half, up by 13 percent from P20.5 billion a year earlier.
Capacity sold in the first half grew 5 percent to 3,785 megawatts from 3,600 MW a year ago. Energy sold went up by 17 percent to 13,762 gigawatt-hours in the first half from 11,790 GWh in the same period last year.
Aboitiz Power said distribution business aso recorded EBITDA of P3 billion, down 27 percent from P4.1 billion it recorded in the same period in 2021. This was driven by the delayed pass-through of higher generation charges, it said.
Energy sales rose 1 percent to 2,778 GWh in the first half from 2,745 GWh a year ago.