Aboitiz with rising profits through strong earnings from Tiwi-Makban
Philippine's Aboitiz Power reports that its third quarter profits jumped by 67% to P2.1 billion (US$ 44.2 million), mainly due to strong earnings shored in by unit AP Renewables, Inc, owner and operator of the Tiwi-Makban geothermal plants.
According to local news, Aboitiz Power, “In a disclosure to the stock exchange, reported that it realized P97 million in non-recurring gains due to a stronger peso, a marked improvement from the P158 million in non-recurring net loss in the same period last year. Third quarter profits jumped by 67% to P2.1 billion (US$ 44.2 million).
The company’s two business segments, namely power generation and distribution, also posted profit increases.
Third quarter core profits from the power generation side of the business rose by 104% to P1.8 billion from P885 million last year. This was mainly due to strong earnings shored in by unit AP Renewables, Inc, owner and operator of the Tiwi-Makban geothermal plants, as well as improved earnings of both its hydro and oil-fired generation groups.
Aboitiz Power’s distribution segment, meanwhile, posted an 8% increase in electricity sales to 857 gigawatt-hours (GWH) for the third quarter of the year from 796 GWH in the same period last year.
The increase was mainly due to a corresponding growth in residential and non-residential customers, which recorded increases of 8% and 7% respectively.”