Aboitiz Power 1Q income up by 24%

ABOITIZ Power Corporation recorded a Php10-billion net incom for the first half of 2016, a ​24 % increase compared to the same period of last year, boosted by growth in its power generation business.

“Together with our partners, our net sellable capacity has grown to 3,350 MW. We are pursuing more projects – baseload, solar, biomass, hydro and geothermal – that will allow us to strengthen our balanced mix portfolio,” Antonio R. Moraza, AboitizPower President and Chief Operating Officer, said.

“We believe that it is important to provide this balanced mix of energy to support the needs of our country with adequate, reliable and competitively priced power,” Moraza added​.

aboitiz

THE start of commercial operations of the 300-MW Therma South baseload power plant in Davao City and the improved water inflow of the 360-MW Magat hydroelectric power plant (pictured above) in Ifugao and Isabela provinces significantly contributed to the 24% increase in AboitizPower’s 2016 first half net income.

​The power ​generation business group accounted for 82% of earnings with P8.1 billion​, mainly due to the operations of Therma South ​ 300-MW power plant in Davao and better water inflow in the 360-MW

Magat

​hydroelectric power ​in Ifugao and Isabela provinces.

The power distribution group’s earnings

​, propelled by Davao Light and Power Co. as well as the Visayan Electric Co.

grew by 3%, from P1.7 billion to P1.8 billion.

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