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Aboitiz Power Corporation recorded P6.6 billion net income in 2nd quarter of 2012...

Aboitiz Power Corporation (AboitizPower or the Company) recorded a 20% year-on-year (YoY) expansion in its consolidated net income for the second quarter of 2012, from P5.5 billion (bn) to P6.6 billion.
The movements in the peso-dollar exchange rate resulted to a P442 million (mn) non-recurring gain (versus last year’s P36 mn) due to the revaluation of consolidated dollar-denominated liabilities and placements. A one-off cost amounting to P297 mn was booked during the quarter as: (1) reimbursement was made to its steam supplier for operating expenses relating to power consumption for the period May 2009 to May 2012; and (2) a debt prepayment cost of P59 mn was incurred at Parent level. All these bring AboitizPower’s core net income for the second quarter of 2012 to P6.4 bn, which is 22% higher YoY.

On a year-to-date (YTD) basis, AboitizPower’s bottomline performance recorded a 15% YoY improvement, from P10.6 bn to P12.2 bn. This translated to earnings per share of P1.66. The revaluation of consolidated dollar-denominated loans and placements resulted to a non-recurring gain of P945 mn (versus last year’s P143 mn). In addition, AboitizPower logged P283 mn in one-off losses during the six-month period, as the recorded gains on the redemption of shares made by its associate companies during the first quarter of 2012 were countered by the higher fuel cost booked by its geothermal assets due to reimbursement made to its steam supplier, and the debt prepayment cost incurred at Parent level. Adjusting for these one-offs, the Company’s core net income for the first semester of 2012 amounted to P11.5 bn, up by 16% YoY.
 

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"Aboitiz Power Corporation recorded P6.6 billion net income in 2nd quarter of 2012" was written by Mary under the Business category. It has been read 1339 times and generated 0 comments. The article was created on and updated on 06 August 2012.
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