Aboitiz Power’s recurring income in the 1H 2008 up 136%
July 31, 2008Aboitiz Power Corporation (AP) ended the first semester of 2008 with a recurring net income of P2.19 billion, a 136% year-on-year growth versus last year’s P926 million. For the period in review, the company had a non-recurring net loss of P122 million due to foreign exchange net losses of P268 million resulting from the revaluation of dollar-denominated loans and placements of some of its subsidiaries and the reversal of a P145 million provision made by an associate company due to an arbitration settlement. This brings AP’s total earnings to P2.06 billion for the period in review, still recording a robust bottomline year-on-year growth of 84%. This translates to an earnings per share of P0.28 for the first semester of 2008.
Aboitiz Power subsidiary issues award letter to supplier for Subic power plant
April 5, 2008Aboitiz Power Corporation (AP) subsidiary Redondo Peninsula Energy, Inc. has issued a letter of award to Formosa Heavy Industries to supply the boiler, steam turbine, generator and related services to be used for the construction of a 300-megawatt coal-fired power plant in the Redondo Peninsula at the Subic Bay Freeport Zone. The company will be required to make a 5% down payment of approximately US$10 million on or before April 30, 2008.
Aboitiz Power shares swap agreement with 3 utilities gets SEC approval
January 14, 2008The Securities and Exchange Commission (SEC) has approved the share swap agreement that Aboitiz Power Corporation (AP) had entered into with shareholders of three of its power distribution utilities. These utilities are Subic Enerzone Corporation (SEZ), Mactan Enerzone Corporation (MEZ) and Balamban Enerzone Corporation (BEZ), all of which distribute power to special economic zones.
Aboitiz Power total equity in Subic Enerzone now 100%
December 18, 2007Aboitiz Power Corporation (AP) entered into an agreement Monday (December 17) to buy the 20% equity of Team Philippines Industrial Power II Corporation (formerly: Mirant (Phils.) Industrial Power II Corp.) in Subic EnerZone Corporation (SEZ) for P92 million. Together with the 35% equity in SEZ of its subsidiary Davao Light and Power Company, Inc., the present acquisition brings AP’s total equity in SEZ to 100%.
Subic EnerZone further reduces systems loss, lowers power rates anew
November 9, 2005Subic EnerZone Corporation (SEZ) continues to reduce its systems loss allowing the utility to lower power rates anew after only six months. As of September 2005, SEZ's systems loss is down to 6.86% and customers now pay 16 centavos less per kilowatt -hour (kwhr) for their electricity consumption. Last March, after reducing its systems loss to 7.87%, the company lowered its rate per kwhr by almost 10 centavos.
VECO, DLPC buy P187-million Transco sub-transmission assets
February 10, 2005The Visayan Electric Company (VECO) and Davao Light and Power Company (DLPC) recently signed purchase agreements to acquire P187-million sub-transmission assets from the National Transmission Corporation (TransCo). VECO will pay P172 million of the assets, the biggest single cash purchase of the transmission utility’s divestment program. The purchase contract signed with Transco involves 5.93 circuit kilometers, 33 line structures and two 100-MVA transformers covered by the Banilad-Mandaue and Banilad-Cotcot 69-kilovolt lines in Cebu.
Hedcor takes over Talomo plant
January 25, 2005The Power Sector Assets and Liabilities Management Corporation (PSALM) recently turned over the 3.5-megawatt Talomo facility in Davao to Hydro Electric Development Corporation (Hedcor). The Talomo complex is the first power generation facility to be privatized by the PSALM, in keeping with its mandate under Republic Act No. 9136 or the Electric Power Industry Reform Act (EPIRA).
Hedcor hits one million man-hour zero accident mark
January 19, 2005Benguet-based Hydro Electric Development Corporation (Hedcor), has made a milestone in its safety initiatives when the company reached the one million man-hour record without disabling accidents on December 20, 2004.
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