ACEN Still Bullish on Profit Growth Despite H1 Drop

Ayala-led ACEN Corp. remains on a steady path toward long-term growth, even as its financial results softened in the first half of the year.

- Brix Lelis

ACEN president and CEO Eric Francia said macroeconomic and sectoral headwinds persist this year, highlighting the continued challenges of 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," Francia said.

ACEN booked a net income of P763 million in the first half, down by 88 percent from P6.3 billion previously and largely due to a P2.7-billion non-cash impairment relating to its wind farms in Vietnam.

With construction delayed by the pandemic, the Vietnam projects have been operating under a provisional tariff since starting commercial operations last year.