Higher costs gnawed on ACEN’s 9-month profit

Acen Corp., the power business of the Ayala Group, reported a slight decrease in its bottom line despite higher sales in the first nine months of 2022.

In a disclosure, ACEN said net income attributable to equity holders of the parent firm had reached P4.1 billion, down by 3.5 percent from P4.3 billion in the same period last year.

Net income in the third quarter, however, gained by 22 percent to P1.9 billion from P1.6 billion. Revenues for the quarter surged by 70 percent to P9.2 billion.

For the nine-month period, revenues stood at P25.2 billion, an increment of 33.7 percent from P18.9 billion.

Electricity sales comprised the bulk of the company’s revenues, rising 34 percen…

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