ACEN Corp. reports 43% net income drop to P7.4bn in 2023, largely due to reduced noncash items and increased expenses.
ACEN Corp. reported a 43% drop in 2023 net income to P7.4bn from P13.1bn in 2022, due to significant reduction in noncash items and higher expenses on various projects. Excluding the impact of noncash items, profitability increased 150% year-over-year. Revenues rose 4% to P36.5bn in 2023. The company aims for full commercial operations of newly commissioned plants in 2024 and to reach 20GW in attributable capacity by 2030.
March 12, 2024
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