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AboitizPower posts P18-B profits, up 13% in 9-mo

POWER. Higher demand for power hikes profits. Photo from Aboitiz Power.

POWER. Higher demand for power hikes profits. Photo from Aboitiz Power.

MANILA, Philippines - Higher power sales and one-time gains hiked Aboitiz Power Corp.'s profits 13% to P18.4 billion from P16.2 billion in the first 9 months.

In a disclosure on Wednesday, October 31, the power generation and distribution firm said it's core net income reached P17.9 billion after several adjustments.

"The revaluation of group-wide dollar-denominated loans and placements resulted to a non-recurring gain of P1.2 billion. In addition, AboitizPower logged P668 million in one-off losses during the 9-month period," Aboitiz Power said.

In the 3rd quarter alone, net income was up 10% to P6.2 billion. The stronger peso resulted in P220 million gain after dollar-denominated debts and placements were re-evaluated.

Another contributor to the 3rd quarter performance was "higher Wholesale Electricity Spot Market (WESM) prices due to higher demand and supply shortage because of several plant outages," AboitizPower president and CEO Erramon Aboitiz said.

"We also saw improvement in the distribution margins with the implementation of Performance Based Regulation (PBR) and reduction of systems loss,” he added. - Rappler.com