AboitizPower grows 2016 first quarter net income by 15%

June 08, 2016

Aboitiz Power Corporation (AboitizPower) grew its consolidated net income for the first quarter of the year by 15% to P5 billion, while core net income rose by 10% to P4.

8 billion from P4.

3 billion last year.

“Our performance in this year’s first quarter reflects the strength of our right-mix strategy with our portfolio of renewable and non-renewable energy sources,” said Antonio R. Moraza, AboitizPower President and Chief Operating Officer.

Power GenerationPower Generation’s first quarter income contribution grew by 17% to P4.

2 billion versus the previous year, due to the fresh contribution of Therma South, Inc.

’s baseload power plant, which began full commercial operations last February 2. For the period, capacity sales rose by 12% to 2,014 megawatts (MW) from 1,804 MW due to additional capacities from Therma South and higher available capacities from SN Aboitiz Power (SNAP) Group’s hydro power plants.

Power Distribution Power Distribution’s first quarter income contribution, meanwhile, posted a 5% increase year-on-year to P851 million from P812 million due to higher electricity sales across all customer segments. Attributable electricity sales expanded by 8% to 1,201 gigawatt-hours (GWh) from 1,111 GWh, with residential, commercial, and industrial sales registering growth of 11%, 11%, and 6%, respectively.

“As demand for electricity grows, we remain committed to look for better solutions, be it energy sources, technology and innovative programs - to provide ample power when needed at a reasonable cost, keeping in mind our responsibility to the environment and to our host communities,” Moraza added.