Aboitiz Power posts P5B profit in Q2
Aboitiz Power Corp. posted a net income of P5 billion in the second quarter, down by two percent year on year on higher expenses.
The company booked non-recurring gains of ₱560 million, a reversal of the P196 million loss incurred in the same period a year ago.
Without these one-off gains, core net income declined 16% to ₱4.5 billion, largely due to interest expense from the company’s bond issuance in October 2018 and takeup of interest and depreciation expenses from Hedcor Bukidnon, Inc. and Therma Visayas, Inc.
For the first six months, net earnings dipped five percent to ₱8.6 billion. Excluding one off gains, core earnings fell 19 percent to ₱8.5 billion due higher volume and cost of purchased power.