AboitizPower’s earnings down 4% to $302.48m in H1

Depreciation of its coal plant assets impacted income negatively.

The Philippine’s AboitizPower has reported a 4% decline in its net income to $302.48m (PHP17.13b) in the first half (H1) of the year from $314.89m (PHP17.82b) a year earlier which was due to the recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s (GNPD) Units 1 and 2.

In a regulatory filing, the company said this translated to earnings per share of $0.042 (PHP2.38) for the period.

AboitizPower’s earnings before interest, taxes, depreciation, and amortisation (EBITDDA), meanwhile, inched up by 1% to $628.11m (PHP35.59b) due to higher generation portfolio margins.

The company’s generation and retail supply business beneficial EBITDA in H1 was up 10% to $582.51m (PHP33b) driven by higher portfolio margins and energisation of the Cayanga and Laoag solar plants. Energy sold for the period was at 17,758 gigawatt-hours (GWh), AboitizPower said.

Meanwhile, its distribution business beneficial EBITDA was down 16% to $74.17m (PHP4.2b). This “was mainly the result of the favourable timing of pass through charges due to the steep decline in fuel prices in that year.”

“Nevertheless, energy sales increased by 9% to 3,256 GWh in the first half of 2024, compared to 2,983 GWh in the same period in 2023 due to the higher demand driven by the effect of the El Niño phenomenon,” the company said.

Energy sales from residential, commercial, and industrial customers increased by 17% and 6% year-on-year, respectively, AboitizPower said.

$1 = PHP56.67