ACEN profit up 49%

The activation of more renewable energy projects powered ACEN Corp.’s earnings by 49 percent in the first half. The Ayala Group’s listed energy arm said its consolidated net income attributable to the parent soared to P6.3 billion from the P4.2 billion booked a year ago.

Excluding gains recognized from the divestment from an Indonesian wind farm and partial repayment of a loan extended for a wind project in Vietnam, profit reached P4.9 billion.

Core attributable earnings before interest, taxes, depreciation and amortization rose 21 percent to P10.1 billion. The group’s renewables capacity hit 4.8 gigawatts (GW) as of end-June, bigger than last year’s 4.3 GW. —Lisbet K. Esmael

GDP pumps up PSEI

The local bourse on Thursday defied the declines at Wall Street as the improving local economy fired up investors despite recession fears in the US. The benchmark Philippine Stock Exchange Index (PSEi) added 0.22 percent, or 14.1 points, to 6,549.27.

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Meanwhile, the broader All Shares Index gained by 0.23 percent, or 8.20 points, to 3,572.14. A total of 748.37 million shares worth P4.1 billion changed hands as foreigners made net purchases worth P7.72 million.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were driven by the faster gross domestic product (GDP) growth —6.3 percent in the second quarter from 5.8 percent in the first quarter. —Meg J. Adonis