ABOITIZ Power Corp. (AboitizPower) announced on Friday that its consolidated net income for the first quarter of 2016 went up by 15 percent to P5 billion, while core net income rose 10 percent to P4.8 billion from P4.3 billion in the same period 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,” AboitizPower president and chief operating officer Antonio Moraza said.
Income contribution from power generation grew by 17 percent in the first quarter to P4.2 billion due to the fresh contribution of Therma South Inc.’s baseload power plant, which began full commercial operations on February 2.
For the period, capacity sales rose 12 percent 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.
Meanwhile, in power distribution, first-quarter income contribution grew 5 percent year-on-year to P851 million from P812 million due to higher electricity sales across all customer segments.
Attributable electricity sales expanded by 8 percent to 1,201 gigawatt-hours (GWh) from 1,111 GWh, with residential, commercial, and industrial sales registering growth of 11 percent, 11 percent, and 6 percent, 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.
AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services.
The company is one of the largest power producers in the Philippines with a mixed portfolio of assets located across the country. It is a major producer of Cleanergy, its brand for clean and renewable energy, with several hydroelectric and geothermal power generation facilities. It also has various fossil-fired power plants in its generation portfolio to support the baseload and peak energy demands of the country.
The company also owns distribution utilities that operate in high-growth areas in Luzon, Visayas, and Mindanao, including the second and third largest private utilities in the country.