AC Energy swings to profit

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    AC Energy Philippines booked P1.96 billion in net income, a turnaround from the previous year’s P552-million net loss due to the successful infusion of AC Energy Inc.’s on-shore assets and recent acquisitions.

    AC Energy Philippines said higher availability of thermal plants and significantly higher contracted capacity through the Meralco competitive selection process also contributed to the strong results.

    “We’re very pleased with the company’s turnaround and the successful integration of AC Energy’s on-shore operations. This allows us to make additional near-term investments in the country, which is much needed during these difficult times,” Eric Francia, the company’s president and chief executive officer, said in a statement.