Aboitiz Power Corp. suffered a 36% drop in its third quarter earnings to ₱4.8 billion, weighed down by higher interest and depreciation expenses.
In a statement, Aboitiz Power said it booked non-recurring losses of P340 million, higher than the ₱326 million recorded in the third quarter last year.
Without these one-off losses, core net income would have been ₱5.1 billion, down 35% year on year.
Year-to-date earnings declined by 19% to ₱13.5 billion. The company recognized non-recurring losses of ₱220 million.
The generation and retail supply business reported consolidated EBITDA of P28.7 billion in the first nine months, 13% lower than than the year ago due to the higher volume and cost of purchased power, lower spot market revenues and lower plant availability.
AboitizPower’s distribution business also saw EBITDA decrease by 3% to P6 billion, largely due to lost margins from the decommissioning of the Bajada power plant. Energy sales increased to 4,341 gigawatt-hours, up 5% due to the increase in new customers across all segments.