AP Renewables pays P8.29 B, takes over Tiwi-Makban plants
May 26, 2009 AP Renewables, Inc. (APRI), a wholly owned subsidiary of Aboitiz Power Corporation (AP), paid P8.29 billion to the Power Sector Assets and Liabilities Management Corporation (PSALM) on May 25, as down payment for the Tiwi-Makban geothermal facilities. The amount represents 40% of the purchase price, with the 60% balance payable over a period of seven years in 14 equal semi-annual installments.
AP and ATS are strong performers in Corporate Governance Scorecard
May 11, 2009 Aboitiz Power Corporation (AP) and Aboitiz Transport Systems (ATS) were recently recognized for having good standing in the 2008 Institute of Corporate Directors’ (ICD) annual Corporate Governance (CG) Scorecard review.
Aboitiz Equity 1Q income hits P1.4 bn, up 20%
May 8, 2009 Aboitiz Equity Ventures, Inc. (AEV) ended the first quarter of 2009 with a total net income of P1.4 billion, up 20% versus the same period last year. This translates to a P0.25 earnings per share for the first quarter of 2009.
Aboitiz Power Corp.'s Q1 income hits P381M
May 7, 2009 Aboitiz Power Corporation (AP) ended the first quarter of 2009 with a recurring net income of P490 million, a decline of 54% year-on-year (YOY). For the period in review, the company had a non-recurring net loss of P109 million versus last year’s non-recurring net loss of P44 million due to the revaluation of dollar-denominated loans and placements of the parent company and some of its subsidiaries. This brings AP’s total net income to P381 million, translating to an earnings per share of P0.05 for the first quarter of 2009.
Aboitiz Power issues P 3-billion bonds
April 30, 2009 Aboitiz Power Corporation (AP) completed its maiden issuance of P3 billion worth of peso-denominated 3 and 5 year fixed rate retail bonds. The 3-year bonds worth P705,580,000 (maturing on April 30, 2012) and the 5-year bonds worth P2,294,420,000 (maturing on May 1, 2014) have a fixed interest rate equivalent to 8.0% per annum and 8.7% per annum, respectively.
Aboitiz Transport sale not pushing through
April 30, 2009 Aboitiz Equity Ventures, Inc. ("AEV") and its principal stockholder, Aboitiz & Company, Inc. ("ACO"), have been informed by KGLI-NM, Holdings Inc. ("KGLI-NM") that KGLI-NM will not proceed with the purchase of US$30 million worth of Aboitiz Transport System (ATSC) Corporation ("ATSC") common shares owned by AEV and ACO.
KGLI-NM Holdings to acquire US$30 million worth of Aboitiz Transport
April 1, 2009 Aboitiz Equity Ventures, Inc. (AEV) and its principal stockholder, Aboitiz & Company, Inc. (ACO), received yesterday (March 31, 2009) from KGLI-NM, Holdings, Inc. (KGLI-NM) a notice that KGLI-NM will exercise its option under Section 5(c)(i) of the Term Sheet dated December 19, 2008 (the ‘Term Sheet’) between AEV and ACO on one hand and KGLI-NM on the other hand to acquire at least US$ 30 million worth of common shares of Aboitiz Transport System Corporation (ATSC) owned by AEV and ACO.
Aboitiz Power recurring net income up 38% to P4.7B in 2008
March 10, 2009 Aboitiz Power Corporation (AP) ended 2008 with a recurring net income of P4.7 billion, up by 38% from the previous year’s P3.4 billion. The company had a non-recurring net loss of P331 million due to (1) foreign exchange net losses of P534 million resulting from the revaluation of dollar-denominated loans and placements of the parent company and some of its subsidiaries; (2) the reversal of a P260 million provision made by an associate company due to an arbitration settlement, and (3) a P57-million project cost write off.
AEV earns P2.26B in the 1H of 2008, up 4%
August 7, 2008 Aboitiz Equity Ventures, Inc. (AEV) ended the first semester of 2008 with a total recurring net income of P2.26 billion, recording a year-on-year increase of 4% over last year’s P2.17 billion. For the period in review, the company had a non-recurring loss of P42 million, which includes (1) a foreign exchange net loss of P200 million at parent and subsidiary levels, (2) a P48 million share in gains on asset sale and insurance claims made by its subsidiary, Aboitiz Transport System Corporation (ATS) and (3) a P110 million share in the reversal of provisions made by an associate company due to an arbitration settlement. This brings AEV’s total net income to P2.21 billion, a 9% year-on-year drop from previous year. This translates to an earnings per share of P0.39 for the first semester of 2008.
Carbon credits key to Ambuklao and Binga upgrades
June 20, 2008SN Aboitiz Power-Benguet, Inc. (SNAPB), the winning bidder for the Ambuklao and Binga hydropower plants located in Benguet province, is now preparing for the financial close of the asset sale transaction with the Power Sector Assets and Liabilities Management Corporation (PSALM) and the subsequent turnover of the plants to the company. SNAPB will assume operations of the plants right after the turnover scheduled for July 3, 2008.
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