Written by Madelaine B. Miraflor Published on 07 May 2013
Geothermal leader Energy Development Corp.’s (EDC) profit for the first quarter of 2013 didn’t change much compared to its income in the same period of 2012, reaching P2.7 billion attributable to its equity holders.
A disclosure to the Philippine Stock Exchange on Tuesday showed that EDC’s earning performance resulted from increased revenue contribution from Green Core Geothermal Inc. (GCGI), which offset the drop in First Gen Hydro Power Corp. (FGHPC) revenue contribution.
GCGI and FGHPC are the project companies of EDC for the 305-megawatt (MW) Palinpinon-Tongonan Geothermal Power Plant and the 132-MW Pantabangan-Masiway Hydro Power Plant, respectively.
“The income results for the quarter are generally in line with our expectation for revenues of FGHPC to decline with the increased competition for the ancillary service market and for revenues of GCGI to remain robust, and start to pick up with its growing number of non-institutional customers,” said Richard Tantoco, EDC president and chief operation officer.
Recurring net income to equity holders of EDC reached P2.57 billion, which is a 10-percent increase compared to the P2.34 billion recorded in the first quarter of 2012.
Because of its recent power plant acquisitions, the Lopez-led EDC registered a consolidated recurring net income of P9.89 billion in the full-year 2012, up 89 percent from the P5.24 billion the company earned in 2011.
“Our significant investments in the rehabilitation of our recent power plant acquisitions drove the company’s growth in net income in 2012,” Tantoco said earlier.
For 2012, EDC’s full-year electricity sales increased by 16 percent to P28.4 billion from the P24.5 billion the firm generated in 2011.
EDC said that higher contracted revenues by wholly owned subsidiaries GCGI and ancillary service sales of FGHPC were also the main sources for significant increase in electricity sales. source
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