Ayala Corp. boosts power segment income with geothermal acquisition in Indonesia
Ayala Corp's energy business AC Energy boosts net profits driven by its newly acquired geothermal assets in Indonesia.
The Philippines’ oldest business group Ayala Corp announces an increase in net profits in the first nine months of 2017. The company’s profit rose by 18 percent lead by robust earnings from its property business.
In power generation, AC Energy’s nine-month net income surged by 73 percent year-on-year to P2 billion ($39 million), driven by the fresh contribution of its geothermal asset in Indonesia. Earnings were likewise boosted by services income derived from the financial closing of a new power plant in the third quarter.
Equity earnings from AC Energy’s operating assets expanded 20 percent by year-on-year to P1.6 billion. Renewable energy platforms contributed 52 percent to equity earnings.
Source: Business Inquirer