by Myrna Velasco August
11, 2016
The attributable
recurring net income of publicly-listed Energy Development Corporation (EDC)
had been up very slightly to P4.68 billion in this year’s first six months from
P4.66 billion within the same stretch last year.
Factoring in
non-recurring items, the firm’s consolidated net income attributable to parent
had been at P4.91 billion, 7.0-percent higher than last year’s P4.61 billion in
the same January-June period last year.
“The increase was
primarily driven by higher revenues from power projects and lower operating
expenses,” the company said.
With improved sales,
the Lopez-controlled firm similarly reported uptrend in consolidated revenues
to P17.01 billion, higher by P230 million from the year-ago level of P16.78
billion.
It emphasized that
major contribution to reinforced energy sales had been off-take (capacity
purchase of buyers) via bilateral contracts or power supply agreements.
Revenue growth drivers
include Tongonan-Palinpinon plants which posted increase in revenues by P420
million, and this was generally attributed to “lower unplanned outages.”
The other key
performers had been Pantabangan-Masiway plant with revenue increase of P330
million, owing it mainly to higher water levels; as well as the solar and wind
portfolios of the company in Burgos, Ilocos Norte for combined hike of P160
million in revenue take.
Conversely, the
EDC-owned plants that have higher exposure in the Wholesale Electricity Spot
Market (WESM) logged lower revenues during the period.
In particular, EDC
noted that there had been decrease in revenues by sizeable P540 million in
Bacon-Manito geothermal plant; and P9.0 million downtrend for the Nasulo
geothermal facility.
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