Business World Online
Posted on February 24, 2013 08:50:21 PM
ENERGY DEVELOPMENT Corp. (EDC) saw its net income last year increase by 89% on the back of higher revenues, the company said in a statement last Saturday.
EDC said its net income grew to P9.89 billion last year from P5.24 billion in 2011, as electricity sales rose 16% to P28.4 billion from P24.5 billion.
The company said growth was driven by higher revenues of its subsidiaries Green Core Geothermal, Inc. and First Gen Hydro Power Corp.
The same statement also quoted EDC President and Chief Operating Officer Richard B. Tantoco as saying that “significant investments in the rehabilitation of our recent power plant acquisitions drove the company’s growth in net income in 2012.”
Company officials were not immediately available over the weekend for more details.
According to its 2011 annual report, EDC operates: Tongonan geothermal project; Southern Negros geothermal project; Bacon-Manito geothermal project; Mt. Apo geothermal project; and Northern Negros geothermal project. It is also involved in hydropower through First Gen Hydro, which operates the 132-megawatt Pantabangan-Masiway hydropower plant in Nueva Ecija.
‘The company’s shares gained one centavo or 0.14% to P7.41 apiece on Friday last week from P7.40 on Thursday. -- CAMCF source
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