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MANILA, Philippines - Aboitiz Power Corp. on Thursday reported that its recurring net income for the first six months of the year more than doubled on higher revenues from its power generation and power distribution businesses.

In a statement to the Philippine Stock Exchange, AP said its recurring net income for the January to June period jumped 136 percent to P2.19 billion.

“For the period in review, the company had a non-recurring net loss of P122 million due to foreign exchange net losses of P268 million resulting from the revaluation of dollar-denominated loans and placements of some of its subsidiaries and the reversal of a P145 million provision made by an associate company due to an arbitration settlement,” the company said.

The power generation side contributed a net income of P1.32 billion, a 182-percent improvement while power distribution had a bottomline of P767 million, higher by 15 percent from last year’s P669 million. GMANews.TV