ACEN posts Q2 loss amid Vietnam project woes

AYALA-LED ACEN Corp. posted an attributable net loss of P1.19 billion for the second quarter, reversing the P3.57-billion net income recorded last year, citing a large impairment from its wind farms in Vietnam.

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Revenues declined by 15.8% to P7.95 billion, while costs and expenses slightly fell by 0.3% to P5.95 billion, according to the company’s financial report released on Tuesday.

ACEN President and Chief Executive Officer Eric T. Francia cited macro and sectoral headwinds this year as challenges the company continues to face in its energy transition.

“The company’s underlying health and long-term prospects remain robust, and we have been leveraging opportunities to increase contracted capacities and expand investments in energy storage,” he said in a statement.

For the six months ending June, the company’s attributable net income dropped by 87.8% to P763 million, mainly because of a P2.7-billion impairment tied to its Lac Hoa and Hoa Dong wind farms in Vietnam.