Philippines’ AboitizPower posts 13% net income increase

Increase in electricity sales boosts income to US$599 million in 2012.

Aboitiz Power Corporation said the income for 2012 compares to the US$531 million it reported in 2011. AboitizPower is involved in power generation, distribution, retail and power services. It has several hydroelectric and geothermal assets in its generation portfolio and also has non-renewable power plants across the Philippines.

When adjusted for one-offs such as a non-recurring gain of US$17 million, AboitizPower posted a 12% increase in its core net income to US$582 million last year.

CEO Erramon Aboitiz said 2012 was another good year for AboitizPower, with both distribution and generation segments experiencing strong electricity growth on the back of a vibrant economy.

“We believe that we have the right strategy and initiatives in place to sustain our growth over the long term. We are confident we have the required management team in place to ensure successful execution of these plans.”

AboitizPower said its power generation business accounted for 89% of its earnings, with an income share of US$560 million for 2012, reflecting an 11% year-on-year growth. In terms of core earnings, APC’s generation business contributed a total of US$533 million in 2012.