ACEN FY23 profit: P7.4-B (down 43%)
ACEN [ACEN 3.80, down 2.6%] [link], the Zobel Family’s renewable energy holding company, posted an FY23 net income of P7.4 billion, which was 43% lower than the P8.6 billion it made in FY22. ACEN traced the underperformance to what it called “accounting adjustments from various events”, such as the booking of a P2 billion impairment related to ACEN’s “India platform” for “cost overruns and project delays.” ACEN said that consolidated revenues were up 4% to P36.5 billion, with income from operations up 81% to P8.1 billion. Core operating earnings (overhead, development costs, and financing costs deducted) improved to P4.9 billion, which ACEN said is “triple” what it earned using a similar metric last year. ACEN said that if non-cash items are ignored from FY23 and FY22, its “profitability increased 150 percent”.
