EDC Jan.-Sept. net income up 34% on higher electricity sales

Higher electricity sales from two power plants helped Energy Development Corp. (EDC) grew its net income by 34 percent in the first nine months of the year, the company said in a disclosure to the Philippine Stock Exchange on Tuesday.

 

The listed geothermal and renewable energy producer booked P7.8 billion in consolidated recurring net income attributable to equity holders of the parent company, up P2 billion from P5.8 billion a year earlier.

 

Consolidated revenues increased by 16 percent increase to P23 billion from P19.8 billion, driven by a P2.1 billion in contributions from Bacman power plant's start of operations.

 

On the other hand, Nasulo power plant generated P500 million in fresh revenues for EDC.

 

Consolidated net income – inclusive of non-recurring items attributable to equity holders of the parent company – reached P10.4 billion, up 94 percent from P5.3 billion.

 

"The movement was mainly driven by the P3.2 billion increase in revenues and supplemented by the P1.8 billion net recovery of impairment of Northern Negros Geothermal power plants transferred to and installed in Nasulo," the company said.

 

"Our results stem from EDC's successful delivery on its strategic objectives set in early 2014," EDC president and COO Richard Tantoco said. – Kathryn Mae P. Tubadeza/VS, GMA News