ABOITIZ Power Corp. (APC) reported Monday it has increased its bottomline by 143 percent to P1.011 billion in the first quarter from the same period a year earlier owing to the positive performance of its power generation and distribution business.

In a disclosure with the Philippine Stock Exchange, APC said that it posted a recurring net income of P1.055 billion in the first quarter, which is a 150-percent year-on-year growth versus P422 million in the same comparable period.

For the period in review, APC added that it had a nonrecurring net loss of P44 million due to net losses in foreign exchange resulting from the revaluation of dollar-denominated loans and placements of some of its subsidiaries.

APC said the increase in bottomline translates to an earnings per share of P0.14 for the first quarter of the year, which was on the back of a consolidated total revenue growth of 41 percent year-on-year, to P2.97 billion from P2.1billion.

APC noted that the share in net earnings of the power generation business amounted to P639 million, recording a 603-percent increase from last year’s P91 million owing to acquisitions in 2007, which allowed its generation group’s earnings performance to contribute P584 million.

APC said the 360-megawatt (MW) Magat hydro plant, which was able to turn in significant profit contributions as it realized favorable average selling prices at the electricity-spot market.

APC added that the 200-percent increase in its attributable power generating capacity, from 164-MW to 490-MW resulted in a 942-percent year-on-year growth in power sales, from 36 Gigawatt-hours (GWh) to 377 GWh.

APC’s power distribution business also posted good result with higher electricity sales in the first three months resulting in an income contribution from the power distribution business of P383 million, which is 18-percent higher in the same comparable period.

APC said its distribution’s kilowatt-hour (kWh) sales grew by 17-percent year-on-year, from 633-GWh to 744-GWh, which excludes the sales contribution of the distribution utilities acquired in 2007.

As of March 31, 2008, according to APC, its total assets amounted to P34.4 billion.

APC said it remains in a net cash position with cash and cash equivalents of P10.9 billion and total consolidated interest-bearing loans of P4.2 billion.

LISTED shopping mall developer and operator SM Prime Holdings Inc. (SMPH) will launch a P1-billion share buyback program in a move to enhance shareholders’ value under prevailing market condition.

Smart buys CURE for P419M

SMART Communications Inc., a wholly-owned subsidiary of Philippine Long Distance Telephone Co. (PLDT), now owns Ongpin-led Connectivity Unlimited Resource Enterprise (CURE), a licensed 3G (third-generation) operator.

ABOITIZ Power Corp. (APC) reported Monday it has increased its bottomline by 143 percent to P1.011 billion in the first quarter from the same period a year earlier owing to the positive performance of its power generation and distribution business.

THE Philippine Stock Exchange (PSE) said the composition of its indices will go through another change following the latest free float-based review of trading activity for the full year 2007. 

THE Department of Justice (DOJ) has declared in an opinion that Cebu Air Inc. may use the “most favored treatment” clause in its franchise to exempt itself from the limitation on public-equity participation.

THE Hongkong and Shanghai Banking Corp. Ltd., one of the leading players in the country’s banking sector, has relaunched its Power Vantage (PVA) product, a junior wealth management proposition for individuals who want to build their fortune.

UNIVERSAL Robina Corp. (URC), in which JG Summit Inc., the listed holding company of businessman John Gokongwei Jr. and his family, owns 1.314 billion shares, or 60.24 percent, had P16.254-billion retained earnings as of September 30, 2006.