Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

AboitizPower net income up 79% to P7 billion in Q2

by
July 27, 2022
in Investing News
0
AboitizPower net income up 79% to P7 billion in Q2
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter

ABOITIZ Power Corp. reported a consolidated net income of P7.1 billion for the second quarter of the year, 79% higher than the figure recorded in the same period last year.

In a stock exchange disclosure, AboitizPower booked non-recurring gains of P861 million during the April-June period for subsidiary Therma Luzon, Inc.’s hedge and the appreciation of the US dollar, while recording P34 million in non-recurring gains.

Excluding the one-off gains, the company’s core net income for the quarter was P6.1 billion, 59% higher than in the same period last year.

Year to date, AboitizPower recorded a net income of P10 billion, 2% lower than the profit posted in the same six months last year.

“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,” said Emmanuel V. Rubio, AboitizPower president and chief executive officer, in a press release.

“AboitizPower continues to ensure that our generation plants run optimally and that our incoming capacities are ready to support our customers’ energy needs,” he added.

Mr. Rubio also said that the company remains optimistic it will be able to maintain a high plant availability performance amid increasing economic activity.

“AboitizPower remains firm in our mission of providing energy supply that is reliable, affordable, and sustainable while empowering the nation towards a better future,” he said.

For the first half of 2022, the company’s generation and retail supply recorded a 13% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to P23.1 billion.

The company attributed the rise to fresh contributions from units 1 and 2 of GNPower Dinginin Ltd. Co.

Meanwhile, electricity sold during the period increased by 17% to 13,762 gigawatt-hours (GWh) from 11,790 GWh in the same stretch last year.

On Wednesday, shares in AboitizPower finished unchanged at P31.80 each on the stock market. — Ashley Erika O. Jose

ShareTweetPin

Related Posts

Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case
Investing News

Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case

August 23, 2022
ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts
Investing News

ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts

August 23, 2022
Malaysian trade official urges PHL to sign up for RCEP  
Investing News

Malaysian trade official urges PHL to sign up for RCEP  

August 23, 2022
Next Post
Meralco seeks competing bids for 500-MW supply

Meralco seeks competing bids for 500-MW supply

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Solar Philippines closes deals for over 60% of its planned RE

Solar Philippines closes deals for over 60% of its planned RE

June 28, 2022
BusinessWorld Roundtable: “The View from the Starting Line”

BusinessWorld Roundtable: “The View from the Starting Line”

June 20, 2022
Lloyds to offer victims of one of UK’s biggest banking frauds £3m compensation

Lloyds to offer victims of one of UK’s biggest banking frauds £3m compensation

June 14, 2022
[B-SIDE Podcast] The future is electric

[B-SIDE Podcast] The future is electric

July 25, 2022
Jobs rise, unions dip in 2020 — PSA

Jobs rise, unions dip in 2020 — PSA

August 12, 2022
Game Five

Game Five

June 14, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.