The power arm of the bilyonaryo Aboitiz clan saw its second quarter profit jump 79 percent to P7.1 billion, driven by foreign exchange gains and fresh contributions from new power plants.
The company booked non-recurring gains of ₱861 million from April to June, largely due to gains on Therma Luzon Inc.’s hedge and the appreciation of US dollars versus the ₱34 million worth of non-recurring gains recorded in the same period last year.
Excluding these one-off gains, core net income for the second quarter grew 59 percent to ₱6.2 billion on fresh contributions from GNPower Dinginin Ltd. Co.’s Units 1 and 2 and higher availability of the GN Power Mariveles Energy Center Ltd. Co. facility.
On a year to date basis, however, AboitizPower’s net earnings dropped by two percent to ₱10 billion due to the impact of liquidated damages, business interruption claims and Typhoon Odette.
If it were not for these headwinds, the company would have posted a 15 percent gain in core net income and a 23 percent hike in consolidated net income.
“We have seen an increase in peak demand in the Luzon and Visayas grids during the first half of 2022, exceeding levels from the past three years, including 2019, which was a pre-pandemic year. AboitizPower continues to ensure that our generation plants run optimally and that our incoming capacities are ready to support our customers’ energy needs,” said AboitizPower president and CEO Emmanuel V. Rubio.
Energy sales from the residential customer segment decreased by one percent due to lower consumption because of Typhoon Odette and the cooler weather. Commercial and industrial energy sales were higher by two percent due to recovering demand.