AboitizPower Q1 consolidated net income drops 13%

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ABOITIZ Power Corporation (AboitizPower) said on Thursday its consolidated net income for the first quarter of 2017 amounted to P4.4 billion, down 13 percent from a year ago, due to the recognition of non-recurring losses of P577 million against the previous year’s gain of P242 million. In a disclosure to the Philippine Stock Exchange, it said core net income rose 4 percent year-on-year to P5 billion while earnings before interest, tax, depreciation and amortization (EBITDA) grew 13 percent to P10.8 billion from P9.5 billion previously.

AboitizPower said its power generation business posted a beneficial EBITDA increase of 14 percent year-on-year to P9.2 billion on the strong performance of the hydro units and fresh GNPower Mariveles Coal Plant Ltd., Co. contribution, while EBITDA for the distribution business rose 9 percent and net income contribution increased 7 percent to P908 million.

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