ACEN logged 88% drop in January-June earnings
ACEN Corp. posted a significant drop in profit in the first half due to a P2.7 billion one-time loss from its Vietnam wind parks.
The Ayala group’s energy arm said Tuesday that its net income attributable to equity holders of the parent company plunged to P763 million from P6.3 billion in the same period last year.
The company’s top line also fell by 18.5 percent to P15.71 billion compared to the P19.29 billion generated a year ago.
Core attributable earnings before interest, taxes, depreciation and amortization remained flat at P10.5 billion.
The group said its Lac Hoa and Hoa Dong wind parks in Vietnam, which have a combined capacity of 48 megawatts (MW), had suffered setbacks. The COVID-19 pandemic delayed their construction and a lower tariff impacted ACEN’s future revenues from these facilities.
“ACEN continues to face macro and sectoral headwinds in 2025, underscoring the challenges of energy transition,” said Eric Francia, company president and chief executive officer.
“The company’s underlying health and long-term prospects remain robust, and we have been leveraging opportunities to increase contracted capacities and expand investments in energy storage,” Francia said.
Attributable renewables output, meanwhile, improved 9 percent to 3,228 gigawatt-hours (GWh).
Breaking down, its Philippine operations’ renewable energy plants generated 928 GWh, down 9 percent due to weaker solar resources and ongoing turbine repairs.
Its international portfolio delivered 2,300 GWh of renewable energy, up 19 percent.
“Our teams are actively addressing the various challenges encountered during the quarter, with a relentless focus on execution. We expect to operationalize ACEN’s capacity at a more calibrated pace, ensuring that margins remain optimal at all levels,” said Jonathan Back, the firm’s chief finance officer.
ACEN’s core market is the Philippines. Aside from the Philippines and Vietnam, the company is also present in Australia, Lao PDR, India, and Indonesia.
The company ended the first half with 3,600 MW of operating capacity.
Around 2,400 MW of projects are under construction globally, while 514 MW of committed projects are included in the pipeline.
