Published November 12, 2018 12:20pm
Energy Development
Corp. (EDC) posted a 3 percent decline in consolidated recurring net income
attributable to equity holders of the parent company in the first nine months
of the year, the company said Monday.
Consolidated recurring
net income fell by 3 percent from P6.6 billion to P6.4 billion, EDC said in a
regulatory filing submitted Ryan Velasco, head of Investor Relations, citing
additional operating expenses.
“We had about P3.8
billion in additional OPEX, mainly driven by some of our Plant Maintenance and
well work-over activities, but we expect our OPEX to go down, as we had
implemented a number of operational and other efficiency initiatives across the
company,” EDC chief financial officer Nestor Vasay, said in a separate
statement.
Consolidated revenue,
however, rose by 13 percent P27.7 billion with the recovery of power plants
damaged by Typhoon Urduja in 2017.
“Our Unified Leyte
plants had fully recovered from the impact of Typhoon Urduja, with generation
volume pretty much catching up with what we had posted during the same period
in 2017,” Vasay noted.
“Generation volume for the rest of the fleet
had also gone up, with Bacman, Tongonan, and Palinpinon all registering volume
growth of at least 15 percent,” said Vasay.
“Our Burgos Wind Farm
also posted a 21-percent increase in volume, keeping us on track to potentially
surpassing its record performance last year,” he added. —Jon Viktor/VDS, GMA
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