Latest Stories

EDC net profit surges to P10.4B


Energy Development Corp.’s net income surged to P10.4 billion last year, from P615 million in 2011, due mainly to stronger sales and the absence of impairment losses.

In a disclosure to the Philippine Stock Exchange on Tuesday, EDC said it ended 2012 with a 15.6-percent increase in revenue to P28.4 billion from P24.5 billion a year ago.

“This came from increased electricity sales, complemented by the revenue contribution from FG Hydro’s ancillary services. Total expenses, on the other hand, remained controlled despite the increased level of operating activities,” the disclosure stated.

“Given the absence of the one-time P5-billion impairment loss in 2011, pre-tax income from continuing operations showed a large improvement at P11 billion, from P580 million in 2011. EDC’s improved operations allowed a complete bottom line recovery,” the Lopez affiliate said in a statement.

EDC reported an 8.6-percent drop in its cash holdings to P11.4 billion, as the reserves were tapped to fund investment and financing activities during the year, which amounted to P13.7 billion.

Healthy operating cash flows during the year offset the outflows. Net cash flow from operating activities (CFO) reached P12.6 billion in 2012, up by 29 percent year on year.

In the meantime, EDC is issuing bonds to raise up to P7 billion, which will be used to partly finance its planned P32-billion capital spending this year.

Philippine Rating Services Corp. said it assigned a rating of PRS Aaa to EDC’s proposed bond issuance of P5 billion, which has an oversubscription option of up to P2 billion.

PRS Aaa is the highest credit rating on PhilRatings’ long-term credit rating scale. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong, the credit watchdog said.

EDC also has an outstanding P12-billion bond issuance (of which P8.5 billion will be due in June 2015 and P3.5 billion due in December 2016). PhilRatings announced the maintenance of the PRS Aaa rating for these bonds last December during its annual monitoring process.

PhilRatings noted that EDC’s strong credit position remained even with the planned additional debt issuance.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: company , Earnings , Energy , Energy Development Corp. , net income

  • investor888

    Temporary shutdown of BACMAN after its commercialization last March 04 should have minimal effect on its current valuation as this has just been commercialized with the the newly replaced Turbine under warranty & the Bacman operations insured at P 5.1 B.  

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Anti-gay demo in Ethiopia cancelled
  • Obama launches measures to support solar energy in US
  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Gunmen attack Iraq military base, kill 10 soldiers
  • Sports

  • Vietnam says it will not host Asian Games
  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Lifestyle

  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Entertainment

  • Cannes film festival launches race for 2014 Palme d’Or
  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Malaysia quarantines 64 villagers over MERS virus
  • DFA: 2 Filipinos survive Korean ferry disaster
  • PH asks airline passengers to check for MERS
  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • Marketplace