"This translates to earnings per share of P0.66 and P0.37 for 2007 and 2006, respectively. This earnings performance was at the back of a consolidated total revenue growth of 25 percent year-on-year, from P8.7 billion to P10.8 billion," the company said.
AP had a non-recurring income of P785 million due to foreign exchange net gains resulting from the revaluation of dollar-denominated loans and placements of some of its subsidiaries. Despite these, AP's 2007 recurring earnings of P3.4 billion was still robust with bottomline year-on-year growth of 81 percent.
The power distribution business also went up to 52 percent or P1.5 billion in 2007, as total electricity sales grew by seven percent year-on-year, from 2,507 gigawatt hours (GwH) to 2,673 GwH.
"Sales contributions from AP's acquisitions during the year further increased sales by 11 percent to 2,790 GwH," the company added.
Last year, AP acquired 100 percent of Mactan EnerZone Corp. and 60 percent of Balamban Enerzone Corp., both located in Cebu province. The company also acquired an additional 36 percent of Subic Enerzone Corp., thus making its ownership in the Subic Freeport Zone utility to 100 percent.
Consolidated revenues amounted to P8.3 billion, recording a five percent year-on-year increase from P7.9 billion.
Income from the power generation business also reached to P2.6 billion, a 213 percent jump from P829 million in the previous year.
Generating assets acquired in 2007 brought AP's total attributable capacity to 490 MW, a 200 increment over 2006. Power sales attributable to AP grew 176 percent from 369 GwH to 1,018 GwH.
Total consolidated revenue in 2007 increased by 219 percent year-on-year, from P782 million to P2.5 billion, primarily due to the topline contribution of 60 percent-owned Cebu Private Power Corporation.
As of yearend 2007, AP's total consolidated assets amounted to P36.4 billion, up by 195 percent from yearend 2006 levels. The company is in net cash position with Cash and Cash Equivalents at P13.3 billion and total consolidated interest bearing loans at P4.4 million.
On July 16, 2007, AP listed its shares at the Philippine Stock Exchange. A total of P1.78 billion shares were issued and sold at an initial public offer price of P5.80 per share. Total proceeds of the offering amounted to P10.4 billion.
On March 3, 2008, AP paid a regular cash dividend of P0.18 per share or a total of P1.3 billion to all stockholders of record as of February 21, 2008. (MSN/Sunnex)
