ACEN net income climbs by 23% in Q3
Its net income stood at P1.9b.
ACEN reported its net income grew by 23% year-on-year to P1.9b in the third quarter of the year, driven by strong earnings from its international business.
This offset the decline in its Philippine earnings, largely due to plant availability issues and higher cost of power.
“The Philippine market continues to be challenging given the tight power supply situation and high fossil fuel prices,” Eric Francia, ACEN president and CEO, said.
“However, we expect a significant increase in our renewables operating capacity by the middle of 2023, which will not only help address the country’s energy needs but also significantly improve the company’s financial performance.”
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In the first nine months, net income stood at P4.1b, representing a 4% YoY drop, whilst revenue climbed by 34% to P25.2b.
ACEN attributed the January to September revenue growth to newly operating Philippine merchant plants that offset the impact of thermal outages and curtailment in the Visayas region.