ACEN’s first-quarter profit jumped 50% to P2.9B
ACEN Corp. posted strong 50-percent profit growth in the first quarter, boosted by one-off gains and the activation of additional renewable facilities.
The renewable energy producer reported on Tuesday that its consolidated net income climbed to P2.9 billion from the P1.9 billion a year earlier.
The listed energy arm of the Ayala group saw a strong electricity production, especially with the firing up of new overseas assets and the restoration of wind parks in Ilocos Norte.
ACEN said its first-quarter results also received a P1.5-billion lift from several nonrecurring transactions.
The special gains include the change-in-circumstances claim linked to ACEN’s prior fixed-price contract with Manila Electric Co., as well as a boost from the consolidation of its assets in India.
Excluding these one-off items, core net income dropped 27 percent to P1.4 billion as ACEN also saw higher expenses from depreciation and net financing costs.
Still, its top line likewise improved by 42 percent to P10.73 billion from P7.55 billion.
Meanwhile, ACEN said its renewable energy facilities in the Philippines had recorded higher output at 626 gigawatt-hours (GWh), up 29 percent.
