Aboitiz Power earns P4.1 billion in 2007
The firm also tied up with other power firms such as the P325-million SN Aboitiz Power-Benguet Inc. joint venture for the Ambuklao Binga hydroelectric power complex and the Aboitiz-Taiwan International Corp. partnership to develop a power plant in Subic Bay Freeport
The strong performance of Aboitiz Power (AP) Corp.’s generation and distribution businesses helped the power firm increase its revenues in 2007 by 30 percent or P11.3 billion from P8.6 billion in 2006.
In his report at the AP stockholders meeting, Erramon I. Aboitiz, AP president, said these businesses helped AP earn P4.1 billion in the previous financial year.
“The power generation business earned P2.6 billion or 63 percent of the 2007 earnings,” said Aboitiz in his report during the meeting held at the Cebu City Marriott Hotel on Monday.
Aboitiz also highlighted in his report the major strategic initiatives, acquisitions and partnerships of the firm in 2007.
These acquisitions include 50 percent stake of the 360-MW Magat hydro plant in Isabela in December 2007, a 50 percent stake at the East Asia Utilities Corp. (EAUC) in April 2007, 60 percent stake of the Cebu Private Power’s Corp. (CPPC) also in April 2007 and a 34 percent stake at the STEAG State Power Inc. in Misamis Oriental, Northern Mindanao.
AP’s EAUC stake was acquired for P131 million, the CCPC stake at P178 million and the STEAG State Power State at $92 million.
The firm also tied up with other power firms such as the P325-million SN Aboitiz Power-Benguet Inc. joint venture for the Ambuklao Binga hydroelectric power complex, the Aboitiz-Taiwan International Corp. partnership to develop a power plant in Subic Bay Freeport Zone and the Aboitiz’ 60-percent owned subsidiary Abovant Holdings Inc.’s joint venture with Global Business Corp. and Formosa Heavy Industries Corp. to build a 246 MW coal-fired power plant in Toledo City, the investment of which is estimated to reach $450 million.
AP’s total capital expenditures for all these projects is P70 billion which will be spread from 2008 to 2011 or until these projects are completed.
Aboitiz also cited in his report the company’s significant initiatives such as the consolidation of the distribution businesses of the Aboitiz Equity Ventures Inc. and other power related assets of the Aboitiz Group into AP to prepare for its initial public offering.
The firm was listed on July 16 last year offering about 1.8 million shares to the public at P5.80 per share or 24 percent of the company.
“We were overwhelmed by the market’s acceptance of the IPO. It was oversubscribed,” said Aboitiz in his report.
AP was able to raise P10 billion from the IPO.
Aboitiz also reported the 144 percent growth of the first quarter earnings of AP to P1.01 billion from P415 million for the same period last year. By Ara Chawdhury - Cebu Daily News
The strong performance of Aboitiz Power (AP) Corp.’s generation and distribution businesses helped the power firm increase its revenues in 2007 by 30 percent or P11.3 billion from P8.6 billion in 2006.
In his report at the AP stockholders meeting, Erramon I. Aboitiz, AP president, said these businesses helped AP earn P4.1 billion in the previous financial year.
“The power generation business earned P2.6 billion or 63 percent of the 2007 earnings,” said Aboitiz in his report during the meeting held at the Cebu City Marriott Hotel on Monday.
Aboitiz also highlighted in his report the major strategic initiatives, acquisitions and partnerships of the firm in 2007.
These acquisitions include 50 percent stake of the 360-MW Magat hydro plant in Isabela in December 2007, a 50 percent stake at the East Asia Utilities Corp. (EAUC) in April 2007, 60 percent stake of the Cebu Private Power’s Corp. (CPPC) also in April 2007 and a 34 percent stake at the STEAG State Power Inc. in Misamis Oriental, Northern Mindanao.
AP’s EAUC stake was acquired for P131 million, the CCPC stake at P178 million and the STEAG State Power State at $92 million.
The firm also tied up with other power firms such as the P325-million SN Aboitiz Power-Benguet Inc. joint venture for the Ambuklao Binga hydroelectric power complex, the Aboitiz-Taiwan International Corp. partnership to develop a power plant in Subic Bay Freeport Zone and the Aboitiz’ 60-percent owned subsidiary Abovant Holdings Inc.’s joint venture with Global Business Corp. and Formosa Heavy Industries Corp. to build a 246 MW coal-fired power plant in Toledo City, the investment of which is estimated to reach $450 million.
AP’s total capital expenditures for all these projects is P70 billion which will be spread from 2008 to 2011 or until these projects are completed.
Aboitiz also cited in his report the company’s significant initiatives such as the consolidation of the distribution businesses of the Aboitiz Equity Ventures Inc. and other power related assets of the Aboitiz Group into AP to prepare for its initial public offering.
The firm was listed on July 16 last year offering about 1.8 million shares to the public at P5.80 per share or 24 percent of the company.
“We were overwhelmed by the market’s acceptance of the IPO. It was oversubscribed,” said Aboitiz in his report.
AP was able to raise P10 billion from the IPO.
Aboitiz also reported the 144 percent growth of the first quarter earnings of AP to P1.01 billion from P415 million for the same period last year. By Ara Chawdhury - Cebu Daily News
Labels: aboitiz, cogen, power plant, Subic Bay
posted by OlongapoCity Zambales at
5:44 AM
0 Comments:
Post a Comment
<< Home