Aboitiz Power Corporation (AboitizPower) recorded a consolidated net income of ₱2.1 billion for the first quarter of 2020, lower than the ₱3.6 billion recorded in the same period last year.
AboitizPower recognized non-recurring losses of ₱27 million during the period, lower than the ₱440 million in non-recurring losses recorded during the same period last year. Without these one-off losses, core net income for the first quarter of 2020 was ₱2.1 billion.
This was mostly due to the decline in earnings before interest, tax, depreciation and amortization (EBITDA), coupled with additional taxes from the Income Tax Holiday expirations of Therma South and GNPower Mariveles power plants, and the additional interest expense from the parent bond and loan that were taken up late last year.
The company’s performance was also affected by outages in Therma South and GNPower Mariveles, and lower selling prices, which mitigated the fresh contributions of Therma Visayas and decreased purchased power costs.
“With the additional capacities in our portfolio, we have fortified our bench and have further strengthened governance across different parts of the business,” said Emmanuel V. Rubio, AboitizPower President and Chief Executive Officer.
“We will also continue to adapt to the constantly changing business climate due to the pandemic situation and make further adjustments when necessary, to sustain the business while providing the much-needed support for our stakeholders,” Rubio said.
AboitizPower’s generation and retail supply business recorded consolidated EBITDA of ₱7.4 billion in the first quarter of 2020, lower than the ₱8.6 billion recorded in the corresponding period last year.
Capacity sold for the first quarter of 2020 increased to 3,445 megawatts (MW) from 2,947 MW in the same period last year.
AboitizPower’s distribution business recorded consolidated EBITDA of ₱2.1 billion, higher than the ₱1.9 billion recorded last year. Energy sales increased to 1,429 gigawatt-hours (GWh) during the first three months of 2020 from 1,343 GWh in the first quarter of 2019. This was driven by higher energy consumption from the residential and commercial customer segments, and growth in the number of customers from the industrial segment.