ACEN reports Q1 net income down 28.3% to P1.95B

ACEN Corp., led by Ayala, reported a 28.3% decline in its first-quarter (Q1) attributable net income to P1.95 billion, mainly due to weaker power generation and lower spot market prices.

Revenues for the period dropped by 21.12% to P7.77 billion from P9.85 billion in the same quarter last year, with electricity sales contributing 97.2% of total revenues falling by 22.7% to P7.55 billion.

ACEN president Eric Francia attributed the weaker results to ongoing repairs following typhoon damage and decreased Wholesale Electricity Spot Market (WESM) rates, which fell to a two-year low.

Despite challenges, ACEN's international portfolio generated 1,191 gigawatt-hours of renewable energy, marking a 13% increase year-on-year, while total global output grew by three percent to 1,680 GWh.

Looking ahead, CFO Jonathan Back remains optimistic about the company's growth and plans to raise up to P30 billion through a stock rights offering to fund more green projects.