By Alena Mae S. Flores Posted on Mar. 06, 2013 at 12:01am
Energy Development Corp., the largest producer of geothermal energy in the country, posted a hefty profit of P10.4 billion in 2012 from P615 million a year ago after writing off a one-time loss in the previous year.
EDC said in a disclosure to the Philippine Stock Exchange it ended 2012 with revenues of P28.4 billion, up 15.6 percent from P24.5 billion in 2011.
“This came from increased electricity sales, complemented by the revenue contribution from FG Hydro’s ancillary services,” it said.
EDC said total expenses remained controlled despite the increased level of operating activities.
“Given the absence of the one-time, P5-billion impairment loss in 2011, pre-tax income from continuing operations showed a large improvement at P11 billion from P580 million in 2011. EDC’s improved operations allowed for a complete bottom line recovery,” it said.
EDC ended 2012 with P11.4 billion in cash and cash equivalents, down 8.6 percent from P12.5 billion.
The company tapped its reserve cash levels to fund investing and financing activities, which amounted to P13.7 billion for the year.
Net cash flow from operating activities stood at P12.6 billion, up 29 percent. Healthy cash flow from operations came from the improved revenues and net income during the year.
“Healthy cash flows of the company, coupled with adequate credit lines, provide EDC with enough funds to tap should sudden liquidity needs arise. In the medium term, cash levels of the company are expected to pick up given robust cash generation from operations,” it said.
Philippine Rating Services Corp. assigned an issue credit rating of PRS Aaa for EDC’s proposed bond issuance of P5 billion, with an oversubscription option of up to P2 billion. source
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