AboitizPower 1Q core income hits P7 bn
May 7, 2010Aboitiz Power Corporation (AboitizPower) ended the first quarter of 2010 with a total net income of P7.4 billion (bn), up by 1851% versus the same period last year. This translates to an earnings per share of P1.01 for the period in review. The stronger peso resulted to a P404 million (mn) non-recurring gain (versus a P109 mn non-recurring loss in 2009) due to the revaluation of dollar-denominated loans and placements on a consolidated basis. This brings AboitizPower’s core net income for the quarter to P7.0 bn, 1334% higher year-on-year (YoY).
Aboitiz Equity 1Q income surge by 341% to P6.2 bn
May 7, 2010Aboitiz Equity Ventures’ (AEV) consolidated net income for the first quarter surged 341% to P6.2 billion (bn) year-on-year (YoY), translating to an earnings per share of P1.13 for the period in review. Of the total earnings contributions from the business segments, power accounted for 90% while the banking and food groups contributed roughly the same at 6% each. The transport group turned in a negative contribution.
AboitizPower and Davao water district ink agreement for hydro project
March 26, 2010AboitizPower, through wholly owned subsidiary Hedcor, Inc., on Thursday (March 25, 2010) signed a Compromise Agreement (CA) with the Davao City Water District (DCWD), thereby paving the way for the eventual construction of a 10 to 15 MW hydroelectric power plant along the Tamugan River.
Aboitiz Equity to increase ownership in City Savings Bank
March 10, 2010Aboitiz Equity Ventures, Inc. (AEV) plans to increase, directly and through a subsidiary, its ownership in Cebu-based thrift bank City Savings Bank (CSB) to 100% from the current 34%. The AEV Board approved the proposal for the planned purchase at its regular meeting on Wednesday (March 10). The additional acquisition is conditional upon regulatory approval for the transaction.
Aboitiz Equity 4Q 2009 income up 227%
March 4, 2010 Aboitiz Equity Ventures, Inc.’s (AEV) consolidated net income for the fourth quarter 2009 registered a 227% year-on-year (YOY) increase, from P745 million (mn) to P2.4 billion (bn). Out of the total earnings contributions from the business segments, power accounted for 60%. This was followed by the food, banking and transport groups pouring in 21%, 17% and 2% of the total, respectively.
AboitizPower 4Q 2009 net income up 60%
March 4, 2010 AboitizPower Corporation (AboitizPower) recorded a total net income of P1.9 billion (bn) for the quarter ending December 31, 2009, a 60% expansion versus the same period last year. The stronger peso resulted to a P483 million (mn) non-recurring gain due to the revaluation of dollar- denominated loans and placements on a consolidated basis. This, coupled with a P103 mn reversal of National Power Corporation (NPC) charges for ancillary services and one-off transaction costs of P47 mn for the Pagbilao Independent Power Producer (IPP) Administrator contract, resulted to total non-recurring income of P539 mn for the quarter. This brings AboitizPower’s core net income for the fourth quarter of 2009 to P1.3 bn, 9% higher year-on- year (‘YOY’).
Aboitiz Adopt-A-School project culminates in skillsfest
March 4, 2010 The Livelihood and Skills Development Project under the Aboitiz Adopt-A-School Program will culminate in a Skillsfest this Saturday, March 6, 2010. The 10-month long project that began in June 2009 gave 3rd year Technology and Livelihood Education (TLE) students of Banilad Night High School the opportunity to experience the real TLE curriculum designed by the Department of Education.
AboitizPower takes over 2nd of 2 Mindanao power barges
March 1, 2010
AboitizPower, through wholly owned subsidiary Therma Marine, Inc., (TMI) on Monday (March 1, 2010) assumed ownership of PB 117, a 100-MW power barge moored at Nasipit, Agusan del Norte, Mindanao. The bunker-fired generating facility is one of two power barges acquired by AboitizPower after it won a negotiated bid conducted by the Power Sector Assets and Liabilities Management Corporation on July 31, 2009. The total purchase price for both facilities is USD 30 million. PB 118, it will be recalled, also with a generating capacity of 100 MW, was turned over to AboitizPower on February 6, 2010.
5th Aboitiz Future Leaders Business Summit applications now open
February 25, 2010The Aboitiz Group of Companies is now calling for applications to the 5th Aboitiz Future Leaders Business Summit (AFLBS) to be held this coming September 10 to 11, 2010 in Cebu City. Every year, AFLBS selects the most promising young college students from Luzon, Visayas, and Mindanao to attend a two-day conference on business and leadership, featuring selected Aboitiz executives as speakers.
AboitizPower takes over 1st of 2 Mindanao power barges
February 8, 2010AboitizPower, through wholly owned subsidiary Therma Marine, Inc., (TMI) on Saturday (February 6, 2010) assumed ownership of PB 118, a 100-MW power barge moored at Bgy. San Roque, Maco, in Compostella Valley, Mindanao. The bunker-fired generating facility is one of two power barges acquired by AboitizPower after it won a negotiated bid conducted by the Power Sector Assets and Liabilities Management Corporation on July 31, 2009. The total purchase price for both facilities is USD 30 million. PB 117, also with a generating capacity of 100 MW, is moored at Nasipit, Agusan del Norte and scheduled for turnover on March 1, 2010.
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