Vivant net profit dips as electricity sales fall

November 16, 2020 | 12:03 am
https://www.bworldonline.com/vivant-net-profit-dips-as-electricity-sales-fall/

VIVANT Corp.’s net income for its parent equity holders fell by 40.6% to P425.10 million in the third quarter after a double-digit fall in its electricity sales while its other revenue sources also declined, the Cebu City-based power provider reported in a regulatory filing.

After-tax net earnings also went down by 35.9% to P522.21 million, according to its financial report submitted to Philippine Stock Exchange (PSE) during the three-month period when many parts of the country were on a relaxed lockdown restriction.

Total revenues of the firm decreased by 34.1% to P1.02 billion from July to September.

The corporation’s sale of power, its main business, recorded a 31.4% decrease or P563.73 million. Equity in net earnings of associates and joint ventures saw a 35.2% decline to P412.03 million.

For the nine months through September, total revenues amounted to P2.82 billion, around 40% lower than its earnings during the same period last year.

The company’s net income went down by 35.3% to P1.34 billion.

Vivant, through its subsidiaries and affiliates, holds interests in electric power generation, power distribution and the retail electricity supply business. It currently owns and operates the 70-megawatt (MW) Delta P, Inc. in Cebu, the 16-MW diesel-run power plant and Palawan and the Cebu Energy Development Corp., which runs the 246-MW coal-fired power plant in Toledo.

Vivant’s shares on Friday inched down by 3.45% to P13.98 apiece. — Angelica Y. Yang