By Neil Jerome C. Morales (The Philippine Star) Updated August 15, 2012 12:01 AM
MANILA, Philippines - Lopez-led Energy Development Corp. (EDC) turned to profitability in the first half due to better operations of its power generation units.
Net income hit P5.7 billion, reversing the P2.3-billion net loss in the same period last year, EDC said in a statement.
The turnaround was driven by electricity sales from subsidiaries First Gen Hydro Power Corp. and Green Core Geothermal Inc., which jumped 32 percent to P15 billion from P11.4 billion a year ago.
First Gen Hydro operates the 132-megawatt (MW) Pantabangan-Masiway hydroelectric plants while Green Core operates the 305-MW Tongonan and Palinpinon geothermal plants.
In the first half last year, EDC incurred an impairment loss of P4.998 billion for its property, plant and equipment.
Profits attributable to equity holders of the parent firm hit P4.6 billion, reversing the P2.3-billion net loss in the same period last year.
“The recurring net income for the period also increased by 151 percent to P5.04 billion from P2 billion last year, mainly attributable to revenues generated by First Gen Hydro and Green Core,” EDC said.
Costs of sales and services grew at a slower pace compared with profits. It rose 12.3 percent to P5.938 billion from P5.289 billion.
Last week, the company said the completion of the repair of the Bacon-Manito (BacMan) geothermal project in Bicol was delayed by two months.
“Bacman is expected to complete both its commissioning and reliability runs within the year, in time to declare full commerciality and achieve full commercial operation in 2013,” EDC said.
“Once operational, the Bacman project will generate strong returns and cash flows from a vertically integrated operation,” said EDC president and chief operating officer Richard Tantoco.
EDC is the world’s largest integrated producer of geothermal power. It is into the exploration, development and optimization of geothermal fields, as well as the operation and maintenance of the geothermal power plants with an aggregate capacity of 1,130 MW. source
Net income hit P5.7 billion, reversing the P2.3-billion net loss in the same period last year, EDC said in a statement.
The turnaround was driven by electricity sales from subsidiaries First Gen Hydro Power Corp. and Green Core Geothermal Inc., which jumped 32 percent to P15 billion from P11.4 billion a year ago.
First Gen Hydro operates the 132-megawatt (MW) Pantabangan-Masiway hydroelectric plants while Green Core operates the 305-MW Tongonan and Palinpinon geothermal plants.
In the first half last year, EDC incurred an impairment loss of P4.998 billion for its property, plant and equipment.
Profits attributable to equity holders of the parent firm hit P4.6 billion, reversing the P2.3-billion net loss in the same period last year.
“The recurring net income for the period also increased by 151 percent to P5.04 billion from P2 billion last year, mainly attributable to revenues generated by First Gen Hydro and Green Core,” EDC said.
Costs of sales and services grew at a slower pace compared with profits. It rose 12.3 percent to P5.938 billion from P5.289 billion.
Last week, the company said the completion of the repair of the Bacon-Manito (BacMan) geothermal project in Bicol was delayed by two months.
“Bacman is expected to complete both its commissioning and reliability runs within the year, in time to declare full commerciality and achieve full commercial operation in 2013,” EDC said.
“Once operational, the Bacman project will generate strong returns and cash flows from a vertically integrated operation,” said EDC president and chief operating officer Richard Tantoco.
EDC is the world’s largest integrated producer of geothermal power. It is into the exploration, development and optimization of geothermal fields, as well as the operation and maintenance of the geothermal power plants with an aggregate capacity of 1,130 MW. source
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