Aboitiz Power posts P20.4B profit
Aboitiz Power Corp. grew its net income by only two percent to P20.4 billion last year due to asset impairment costs related to Aseagas Corp. and debt repayment costs.
APC incurred non-recurring losses of P2.9 billion, more than four times the P611 million non-recuring loss reported last year, primarily due to asset impairment costs related to Aseagas.
Excluding these one-off adjustments, the company?s core net income rose 13 percent to P23.3 billion. Consolidated earnings before interest, taxes, depreciation, and amortisation grew 25 percent to P47.7 billion, driven by the contribution of GNPower-Mariveles to the coal group, and higher water inflows from the hydro group.
APC is one of the largest power producers in the Philippines with a right-mix portfolio of assets located across the country. It is a major producer of Cleanergy, its brand for clean and renewable energy with several hydroelectric and geothermal power generation facilities.
It also has various fossil-fired power plants in its generation portfolio to support the baseload and peak energy demands of the country.