ABOITIZ Power Corp. and parent firm Aboitiz Equity Ventures Inc. (AEV) reported lower net incomes in the first quarter of 2019.
AboitizPower blamed the “higher volume and cost of purchased power” while AEV cited lower income contributions from the power, banking and food units. Infrastructure and real estate units posted net losses.
AboitizPower said its consolidated net income of P3.6 billion for the period was 9.0 percent lower than the P4 billion recorded for the same period last year
The company had to purchase replacement power due to outages and over-contracting in preparation for Therma Visayas Inc. coming online in mid-April this year.
Electricity spot market prices were, however, “exceptionally high” during the period, AboitizPower said in a statement.
In a separate statement, AEV said the underlying causes of this decline have mostly been resolved and AboitizPower is on track toward exceeding its 4,000-MW net attributable capacity target by 2020. AboitizPower is the largest business unit of AEV, accounting for 71 percent of total income contributions in the first quarter. (SUNSTAR PHILIPPINES, PR)