ACEN said in a disclosure to the Philippine Stock Exchange the strong performance was accompanied by a rise in overhead, as it ramped up manpower in support of the acceleration of its renewables expansion. READ MORE:
company surged 94 percent in the first half to P4.2 billion, as it emerged from the headwinds it experienced a year ago.
This allowed ACEN to achieve a net selling merchant position amid strong prices in the Wholesale Electricity Spot Market, the trading floor of electricity, it said. ACEN’s attributable earnings before interest, taxes, depreciation and amortization, including share of EBITDA from non-consolidated operating associates and joint ventures, rose 20 percent to P9.4 billion in the first half.
ACEN’s total attributable renewables output showed double-digit growth, rising 21 percent to 2,052 gigawatt-hours in the first half, without the impact of the Visayas curtailment experienced in the previous year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New plants, high WESM prices boost ACEN’s incomeAboitiz Renewables, Inc. (ARI), a subsidiary of Aboitiz Power Corporation, has cemented a joint venture deal with Singapore-headquartered Vena Energy for the planned 102-megawatt wind farm installation that will straddle Rizal and Laguna sites.
Read more »
ACEN profit nearly doubles in H1 | Lenie LecturaACEN Corp.’s net income in the first half ballooned by 94 percent year-on-year to P4.2 billion on the back of higher revenues, which rose by 28 percent year-on-year to P20.5 billion. It reported on Thursday that strong results from its power projects, as well as the commissioning of new projects,…
Read more »
PAGCOR commits P120-million support for OVP’s socio-civic activitiesVice President Sara Duterte, PAGCOR chairman and chief executive Alejandro Tengco and OVP chief of staff Atty. Zuleika Lopez witnessed the signing of a memorandum of agreement for this purpose on Aug. 1, 2023 in Mandaluyong City. READ MORE:
Read more »
Petron’s income dropped 20% to P6.14b in first halfConsolidated sales volume reached 57.61 million barrels in the first half, up 12 percent from 51.41 million barrels sold a year ago. READ MORE:
Read more »
PhilPost gets initial fire insurance payout from GSISGovernment Service Insurance System (GSIS) President and CEO Wick Veloso says the initial payment of P100 million is for the urgent rehabilitation of the Manila Central Post Office (MCPO) building.
Read more »
Meralco unit joins other PH firms looking into nuclear powerBusiness tycoon Manuel V. Pangilinan announced earlier this week that Meralco power generation arm, Meralco PowerGen Corp., was in talks with at least two US-based nuclear developers for the company’s possible entry into the nuclear age. | MegINQ /PDI
Read more »