Aboitiz Power Corp. reported Wednesday that its net income surged 124 percent to P4.1 billion last year from P1.8 billion in 2006, citing strong sales amid the strong economic growth last year.

In a disclosure to the Philippine Stock Exchange, Aboitiz Power added that it posted P10.8 billion in consolidated revenue, an increase of 25 percent from P8.7 billion in 2006.

Also last year, Aboitiz Power booked a nonrecurring income of P785 million due to foreign exchange net gains resulting from the revaluation of dollar-denominated loans and placements of some of its subsidiaries.

The firm said its recurring earnings of P3.4 billion ?was still robust with bottom line year-on-year growth at 81 percent.?

The company said its performance in 2007 translated to earnings per share of P0.66, compared with P0.37 in 2006.

It said its distribution units contributed P1.5 billion in revenue, increasing by 52 percent due to higher electricity sales.

The affiliates include Davao Light and Power Co. Inc., Cotabato Light and Power Co. Inc., Visayan Electric Co., San Fernando Electric Light and Power Co. and Subic Enerzone Corp.

Sales volume reached 2,673 gigawatt-hours, up 7.0 percent from 2,507 GwH in 2006.

Total sales in 2007 totaled 2,790 GwH with the contributions of Aboitiz Power?s new acquisitions?Mactan Enerzone Corp. and Balamban Enerzone Corp.?where it has a 60-percent stake. Aboitiz Power also acquired an additional 36-percent ownership in Subic Enerzone last year.

Aboitiz Power?s power-producing affiliates contributed P2.6 billion in net earnings, up 213 percent from P829 million in 2006.

The company?s combined production capacity tripled to 490 megawatts following acquisition of generating assets last year.

Last year, SN Aboitiz Power Hydro Inc.?a partnership with SN Power AS of Norway?won the auction for the government?s 175-megawatt Ambuklao-Binga hydroelectric power complex with a bid of $325 million.