MANILA -- Aboitiz Power Corp. saw its consolidated net income fall by 18% to P4.6 billion in the first quarter amid debt prepayment and lower earnings from its power generation unit.
In a disclosure, the firm said it recorded a one-time expense due to debt prepayment amounting to P92 million, while its power generation business recorded a 22% slide in its earnings contribution to P5.1 billion.
"The decrease in earnings was mainly attributable to the drop in ancillary volumes," Aboitiz Power said.
"Lower water levels at the company's impounding dams have also limited its ability to sell energy at the spot market," the firm added.
Meanwhile, the firm's power distribution business recorded a 2% rise in income contribution to P749 million.
Aboitiz Power said attributable electricity sales during the period climbed 1% to 956 Gigawatt hours (GWh), driven by higher sales from residential and commercial segments.