By Danessa Rivera (The
Philippine Star) | Updated May 14, 2016 - 12:00am
MANILA, Philippines - Lopez-led
power developer Energy Development Corp. (EDC) said its recurring net profit
and revenues registered steady growth in the first quarter due to higher energy
sales.
EDC reported a consolidated
recurring net income of P2.63 billion in the first three months of 2016, seven
percent higher than the P2.46 billion posted during the same period last year.
Meanwhile, consolidated revenues
reached P9.10 billion, also up seven percent from P8.5 billion a year ago.
The firm said the slight improvement
in core income and revenues resulted primarily from higher energy sales of its
Burgos Wind project following the completion of the up-rated Laoag-San Esteban
transmission line in September 2015.
For the first quarter, the Burgos
Wind’s core income increased by P520 million after a P670-million increase in
revenues.
Inclusive of non-recurring items,
EDC’s consolidated net income stood at P3.25 billion, 31 percent higher
than the P2.49 billion in 2015.
The company said the increase was
primarily driven by higher revenues of about P600 million mainly from Burgos
Wind and higher forex gains amounting to P480 million following the realignment
of the dollar-denominated loans, partly offset by higher plant operating
expenses.
EDC said revenues from other plants
were partially muted as some of the gains in sales volumes have been negated by
lower prices in the Wholesale Electricity Spot Market (WESM).
“The increased revenues from plants
with largely contracted capacities, namely, Burgos Wind, Unified Leyte and
Palinpinon/Tongonan, were partly offset by lower reported revenues from plant
capacities exposed to the spot markets, as in the Bacman and Nasulo power plants,”
the firm said.
Richard Tantoco, EDC president and
COO, said the significant effects of low electricity spot price are now being
addressed by the company.
No comments:
Post a Comment