Published March 10, 2021, 5:00 AM Owing it to the overall downtrend in demand last year, the core net income of listed firm Aboitiz Power Corporation dropped 27-percent last year to P12.6 billion from a relatively flourishing bottom line of P17.3 billion in 2019. The company stated that it booked leaner non-recurring net gains of P45 million last year vis-à-vis the heftier non-recurring net gains of P702 million in 2019, “mainly due to net foreign exchange gains on the revaluation of dollar-denominated liabilities.” Aboitiz Power emphasized that “without the one-off gains, the company’s core net income for 2020 was P12.5 billion,” which was lower by 25-percent compared to P16.6 billion the prior year.