Aboitiz Power Corporation (AP) ended the first quarter of 2008 with a recurring net income of P1.055 billion, a 150% year–on–year growth versus last year’s P422 million. The company however had a non-recurring net loss of P44 million due to foreign exchange losses resulting from the revaluation of dollar-denominated loans and placements of some of its subsidiaries. This brought AP’s total earnings to P1.011 billion, a robust bottomline year–on–year growth of 143%, which translates to earnings per share of P0.14 for the quarter ending March 31, 2008. On a year–on–year basis, AP’s revenue grew by 41% to P2.969 billion from P2.104 billion.

Aboitiz Power Corporation (AP) subsidiary Redondo Peninsula Energy, Inc. has issued a letter of award to Formosa Heavy Industries to supply the boiler, steam turbine, generator and related services to be used for the construction of a 300-megawatt coal-fired power plant in the Redondo Peninsula at the Subic Bay Freeport Zone. The company will be required to make a 5% down payment of approximately US$10 million on or before April 30, 2008.

Aboitiz Equity Ventures, Inc.’s (AEV) net income for the year 2007 grew by 54% to P5.8 billion from P3.8 billion in 2006. Earnings per share improved to P1.02 from P0.76 for the comparative period in review.

Aboitiz Power Corporation’s (AP) net income for 2007 grew by 124% to P4.1 billion from P1.8 billion in 2006.  This translates to earnings per share of P0.66 and P0.37 for 2007 and 2006, respectively. This earnings performance was at the back of a consolidated total revenue growth of 25% year-on-year, from P8.7 billion to P10.8 billion.

UnionBank of the Philippines registered a net income of Php2.90 billion for the year 2007, 15.54% higher than Php2.51 billion the Bank earned last year.  Revenues across businesses improved 13.02% to Php8.42 billion from Php7.45 billion.  Gross interest income on loans grew by 8.71% to Php3.62 billion from Php3.33 billion while service charges, fees and commissions stood at Php0.85 billion, 18.06% more than Php0.72 billion last year.

The US$380-million financing for the privatization of the Magat hydropower plant has bagged four
prestigious awards.

The Securities and Exchange Commission  (SEC) has approved the share swap agreement that Aboitiz Power Corporation (AP) had entered into with shareholders of three of its power distribution utilities. These utilities are Subic Enerzone Corporation (SEZ), Mactan Enerzone Corporation (MEZ) and Balamban Enerzone Corporation (BEZ), all of which distribute power to special economic zones. The share swap agreement involves the issuance of a total of 170,940,307 AP common shares at the initial public offering price of P5.80 per share to acquire 100% of MEZ and 60% of BEZ from Aboitizland, Inc., as well as the combined 25% stake in SEZ of Aboitiz Equity Ventures, Inc., San Fernando Electric Light and Power Co., Inc., Pampanga Sugar Development Company, Inc. and Okeelanta Corporation. 

Aboitiz Power Corporation (AP) and Vivant Energy Corporation (Vivant) of the Garcia Group of Cebu have formed a joint venture company Abovant Holdings, Inc. (Abovant), which will hold their investments in a new power plant to be built in Toledo City, Cebu. This is pursuant to the Memorandum of Agreement signed with the Metrobank Group’s Global Business Power Corporation (Global Power) in August 2007.