EDC shuts down BacMan unit for maintenance

MANILA, Philippines—Lopez-led Energy Development Corp. (EDC) said Unit 1 of its BacMan geothermal power plant would be on maintenance shutdown for at least 12 days this month.

In a disclosure to the Philippine Stock Exchange, EDC advised that BacMan Unit 1 was shut down on Sept. 12 for an inspection of the steam turbine and other opportunity maintenance works.

Based on the findings of such inspection, EDC management will decide whether or not further restrictions to the future operation of Unit 1 are necessary,” investor relations manager Erudito S. Recio said in the disclosure.

In a separate disclosure, EDC said it would pay cash dividends to shareholders.

EDC said its board of directors, in a meeting on Sept. 10, approved the declaration of a special cash dividend of P0.08 per share on the common shares “in favor of common shareholders of record as of Sept. 25.”

The dividends are payable on or before Oct. 21, 2013.

The rehabilitation of BacMan dragged the earnings of EDC’s parent firm, First Gen Corp., whose consolidated revenue slid by 4.2 percent to $984.6 million in the first half of 2013 from $1.028 billion in the same period in 2012. EDC’s geothermal sales accounted for $290.9 million, or 29.5 percent of the total consolidated revenue. First Gas Plants accounted for $656 million, or 66.6 percent, and FG Hydro accounted for $37.2 million, or 3.8 percent, of the total consolidated revenue.

For the first half of 2013, First Gen’s net income attributable to equity holders of the parent reached $77.7 million, or 17.4 percent lower than the $94 million registered in the same period of 2012.—Riza T. Olchondra