EDC boosts income to P7 B in 9 months

By Danessa Rivera (The Philippine Star) | Updated November 11, 2016 - 12:00am
http://www.philstar.com/business/2016/11/11/1642433/edc-boosts-income-p7-b-9-months

MANILA, Philippines - Lopez-led Energy Development Corp. (EDC) registered a 20 percent rise in net profits from January to September 2016 on the back of sold generated capacities and reduced expenses.

In a disclosure yesterday, EDC said its consolidated net income for the period amounted to P7.01 billion, 20 percent higher than the P5.87 billion reported last year.

The company attributed the increase to higher revenues from power projects, and lower operating expenses, partly offset by reduced revenues from the company’s uncontracted capacities.

Including recurring items, EDC said its core net income was almost flat at P7.05 billion compared with last year’s P6.99 billion.

“In the context of a challenging competitive environment, we have focused on investing to improve reliability, increase generation output, thereby lowering unit costs,” EDC president and COO Richard Tantoco said.

For the period, operating expense registered a P0.69-billion reduction. Operating expense includes an increase in depreciation and amortization expense of P0.31 billion.