By Alena Mae S. Flores

Listed Aboitiz Power Corp. yesterday reported a net income of P4.3 billion in 2008, up 4 percent from P4.2 billion in 2007, on higher power sales.

Aboitiz Power said in a disclosure to the Philippine Stock Exchange that the higher income translated into an earnings-per-share of P0.59 for the year.

The company sold 1,728 gigawatt-hours of power last year from 1,018 GwH to reflect 2007 acquisitions.

?The takeover and operation of the 100-megawatt Binga hydro power plant in July 2008 has likewise resulted in an increase in the group?s generation output. Higher rainfall during the year resulted in higher capacity factors for most of the hydro plants as well,? Aboitiz Power said.

The power generation group contributed 578 megawatts, up 18 percent from 2007 figures. Aboitiz Power attributed the increase to the turnover of the 175-MW Ambuklao-Binga hydro power plants in July last year.

The power generation business ended the year with a net income contribution of P2.8 billion, up 6 percent from last year?s P2.6 billion.

When adjusted for non-recurring items, the business recorded a 77 percent expansion to P3.2 billion last year from P1.8 billion in 2007.

Aboitiz Power, meanwhile, said total electricity sales, including power distribution, rose 13 percent to 3,142 GwH from 2,790 GwH in the previous year.

?Aside from the incremental volume sales from the 2007 acquisitions, expansion in Subic Enerzone?s industrial segment accounted for the strong growth of the distribution group, with power demand increasing mainly due to the operation of the Hanjin shipyard. On an organic basis, the group recorded a growth of 7 percent year-on-year,? it said.