By Alena Mae S. Flores Posted on Nov. 21, 2012 at 12:01am
Geothermal producer Energy Development Corp. reported Tuesday a net income of P8.6 billion in the first nine months, reversing the P488-million net loss incurred in the same period last year.
EDC, a unit of Lopez-controlled First Gen Corp., said core net income surged 95 percent to P7.8 billion in the nine-month period from P4 billion a year ago. Recurring net income attributable to parent firm climbed to P6.3 billion from P3.8 billion.
“Reported consolidated net income for nine months is P8.6 billion but we and analysts often refer more to core income attributable to equity shareholders of the parent [net of minority interest and non-recurring items like forex] which is P6.3 billion for the same period,” EDC president and chief operating officer Richard Tantoco said.
The company attributed the higher profit to increased revenues of subsidiaries Green Core Geothermal Inc. and First Gen Hydro Power Corp. “Both Green Core and FG Hydro delivered good results,” Tantoco said.
Green Core posted a net income of P2.2 billion from the 305-megawatt Tongonan I and Palinpinon power plants’ power supply agreements, while First Gen Hydro earned P2.8 billion from the sale of electricity and ancillary services of the 112-MW Pantabangan-Masiway hydroelectric plants.
EDC, however, said the higher revenues of Green Core and First Gen Hydro were partially offset by the P195-million net loss by another subsidiary, Bacman Geothermal Inc., mainly due to trading losses as a result of the delay in the recommissioning of the Bacman geothermal plants.
“The generator rotor of both Units 1 & 2 are already on site from Stafford, England. Meantime, the re-blading of the turbine rotors is still ongoing. Everything that we presently know points to EDC conducting reliability runs close to the end of 2012 and achieving full commercial operation in 2013 for the large Bacman Units,” Tantoco said.
“For the 20-MW Bacman unit, our best case view now is for a de-rated operation of 6 to 7 MW only and the timing is still uncertain. The generator rotor is being repaired in country and it is proceeding very slowly. In the meantime, we have ordered a replacement which has a lead time of 14 months to deliver on site,” Tantoco said.
EDC remains the largest producer of geothermal energy in the Philippines accounting for 62 percent of the country’s total installed geothermal capacity. It also obtained geothermal concessions in Chile and Peru. source
No comments:
Post a Comment