LISTED Aboitiz Power Corp. said that its first-quarter net income attributable to equity holders has almost tripled to P6.18 billion, from the P2.52 billion in the same period last year amid a decline in operating expenses.
In its quarterly report shared with the local bourse on Tuesday, AboitizPower said that its operating expenses for the three months ending March fell by around 8% to P19.98 billion, from P21.83 billion year on year.
“The decrease in operating expenses was mainly due to the lower cost of purchased generated power during the first quarter of 2021 brought about by COVID-19 (coronavirus disease),” the firm said in its regulatory filing.
Meanwhile, AboitizPower’s operating revenues shed around 4% to P26.85 billion from January to March, compared with P27.88 billion in same period last year. The slight decrease is mainly attributed to lower power demand due to the global health emergency and the resulting community quarantine. But these were offset by better water inflows, higher availability of the firm’s thermal facilities and increased spot sales.
The firm’s attributable net income for the full-year 2020 dropped by 27% to P12.58 billion from the P17.32 billion recorded in 2019.
Last month, AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said that the firm plans to build around 3,900 megawatts of renewable energy in a decade, with a goal of reaching equal sharing of renewables and thermal energy capacity in its power mix.
Shares of AboitizPower at the stock exchange improved 0.45% or 10 centavos to finish at P22.10 apiece on Tuesday. — Angelica Y. Yang
