Sunday 25 August
Jul 31, 2019 @ 9:44

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.

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The company booked non-recurring gains of ₱560 million, a reversal of the P196 million loss incurred in the same period a year ago.

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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.

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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.

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