By MYRNA M. VELASCO
Manila Bulletin
MANILA, Philippines – An average 19-percent drop on its selling costs due to lower prices at the electricity spot market has triggered the 31-percent plunge in the first quarter consolidated net income of Aboitiz Power Corporation to P5.106 billion from last year’s P7.4 billion.
With non-recurring items booked into its balance sheet – for its Therma Marine Inc. subsidiary and on the revaluation of consolidated dollar-denominated loans and placements; the company also logged a 34-percent reduction on its year-on-year core net income to P4.7 billion from P7.0 billion.
It has been estimated that prices at the Wholesale Electricity Spot Market (WESM) had fallen off by 66-percent as compared to the spikes experienced last year when Luzon grid experienced extreme tightening in supply due to the El Niño phenomenon.
For its distribution segment, the company registered an income growth of 107-percent to P454 million from the previous year’s P219 million. This has been mainly attributed to the 9.0-percent demand expansion of its industrial accounts; while posting marginal consumption growths of 1.0-percent and 2.0-percent for the residential and commercial subscribers, respectively, as serviced by its various power distribution subsidiaries.
Read here
Manila Bulletin
MANILA, Philippines – An average 19-percent drop on its selling costs due to lower prices at the electricity spot market has triggered the 31-percent plunge in the first quarter consolidated net income of Aboitiz Power Corporation to P5.106 billion from last year’s P7.4 billion.
With non-recurring items booked into its balance sheet – for its Therma Marine Inc. subsidiary and on the revaluation of consolidated dollar-denominated loans and placements; the company also logged a 34-percent reduction on its year-on-year core net income to P4.7 billion from P7.0 billion.
It has been estimated that prices at the Wholesale Electricity Spot Market (WESM) had fallen off by 66-percent as compared to the spikes experienced last year when Luzon grid experienced extreme tightening in supply due to the El Niño phenomenon.
For its distribution segment, the company registered an income growth of 107-percent to P454 million from the previous year’s P219 million. This has been mainly attributed to the 9.0-percent demand expansion of its industrial accounts; while posting marginal consumption growths of 1.0-percent and 2.0-percent for the residential and commercial subscribers, respectively, as serviced by its various power distribution subsidiaries.
Read here
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