Aboitiz Power Corp. (AboitizPower), the holding company for the Aboitiz Group’s energy investments, posted net income of P23.3 billion in the first nine months of the year, down 14 percent from P27.2 billion a year ago, as weaker spot market prices offset contributions from new solar plants and Chromite Gas Holdings, Inc.

The company’s Wednesday stock exchange disclosure showed that core net income for the period also fell to P23.1 billion due to the full impact of depreciation and interest expenses for GNPower Dinginin Ltd. Co., which AboitizPower began recognizing in March 2024.

However, in the third quarter, the company recorded net income after minority interests of P10.6 billion, 32 percent higher than the previous quarter and 5 percent above the same period last year.

“Quarter-on-quarter growth was driven by an increase in margins from the Generation segment, which was attributable to the company’s reduced exposure to the spot market, and higher water inflow at the company’s hydro plants,” the company said.

In the Generation and Retail Electricity Supply segment, energy sold rose 19 percent to 32,138 gigawatt-hours (GWh) from 26,910 GWh a year ago, though EBITDA in the segment increased only 1 percent to P50.9 billion due to lower spot market prices.

The Distribution segment reported P7.0 billion in EBITDA, a 2 percent increase from P6.8 billion a year ago, driven by a 5 percent rise in energy sales to 5,166 GWh from 4,939 GWh.

As of the end of September, AboitizPower’s total consolidated assets stood at P584.3 billion, up 13 percent from P517.6 billion at the end of 2024.

Cash and cash equivalents, including short-term investments, totaled P62.6 billion, while interest-bearing liabilities reached P304.0 billion.

Equity attributable to holders of the parent amounted to P210.2 billion. The company’s current ratio was 1.1x, down from 1.6x at year-end 2024, and its net-debt-to-equity ratio stood at 1.1x versus 0.8x at the end of last year.