AboitizPower reported a net income of P12.2 billion for the first half for a 15 percent growth in profit from last year’s P10.6 billion.
The  revaluation  of  consolidated  dollar-denominated loans and placements resulted  to  a non-recurring gain of P945 million, versus last year’s P143 million.
In addition, AboitizPower logged P283 million in one-off losses during the semester as the recorded gains on the redemption of shares made by its associate companies during the first quarter were countered by higher fuel cost booked by its geothermal assets due to reimbursement made to its steam  supplier, and the debt prepayment cost incurred by its parent firm. With these adjustments, AboitizPower’s core net income for the first half of 2012 amounted to P11.5 billion, up 16 percent from a year ago.
Focusing  on  the  second  quarter  of  2012,  net  income  was P6.6 billion, an improvement of 20 percent from the previous year.  
The company also posted a P442-million non-recurring gain from foreign currency conversion from last year’s P36 million gain mainly as a result of the revaluation of consolidated  dollar-denominated liabilities and placements.  
A one-off cost amounting to P297 million was booked during the quarter from reimbursement made to its steam supplier for operating expenses relating to power consumption for the period May 2009 to May 2012; and a debt prepayment cost of P59 million was incurred at parent level.
The  generation  business  contributed P11.3 billion for the first half of 2012, accounting for 89 percent of earnings contributions from AboitizPower’s business segments.  These  earnings are up 11 percent from a year ago. Once adjusted for one-off items, AboitizPower’s generation business shored in a core net income of P10.6 billion for the period, which was 12 percent higher than last year.
The hotter climate was one of the factors that led to the increase in power requirements.  The  group’s average price for its power increased by seven percent from a year ago during the first half on the back of a 42 percent rise in average  selling prices at the Luzon grid’s Wholesale Electricity Spot Market (Wesm).  
Supply of power in Luzon was curtailed given higher outage levels  during  the  period in review. Meanwhile, the Luzon Grid recorded a peak demand of close to 7,800 MW, a five percent increase from a year ago.
By the end of June 2012, AboitizPower’s attributable net generation grew by 10 percent from last year, from 4,640 gigawatthour (GWh) to 5,096 GWh. This was mainly accounted for by the 14 percent expansion in power sales through bilateral contracts. On a capacity basis,  AboitizPower’s  attributable sales increased by 13 percent, from 1,351 MW to 1,532 MW, given the rising capacity sales through bilateral contracts and improved levels of ancillary services.