ACEN Corp., the listed energy platform of the Ayala Group, said Thursday net income attributable to equity holders of the parent company jumped to P2 billion in the first quarter from P405 million a year earlier.
ACEN said in a disclosure to the stock exchange increased borrowing costs and overhead tempered income growth as the company accelerated its expansion of renewable projects.
“After weathering several challenges in 2022, we began the year with encouraging results brought about by the growth in generation output,” ACEN president and chief executive Eric Francia said.
Consolidated revenues climbed 23 percent in the first quarter to P9.1 billion as a result of higher net generation amid better wind resources and the commissioning of new power plants in the Philippines and in Australia.
“We expect to grow our net selling merchant position further, with more capacity scheduled to come online in the second half of the year. As our renewable energy investments begin to bear fruit, ACEN is now on a stronger footing as we continue working towards our aspiration of reaching 20 gigawatts of renewables by 2030,” said Francia.