MANILA, Philippines–Energy Development Corp. (EDC), the country’s largest geothermal and wind energy company, said over the weekend that its recurring net income grew by almost half in 2014 on the back of higher energy sales.
EDC said its recurring net income reached P9.2 billion or 40 percent higher than the P6.6 billion posted in 2013.
The record high performance primarily resulted from electricity sales from the start of commercial operations of its Bacon-Manito or Bacman power plants in Bicol region following their rehabilitation, EDC said.
The timely commissioning of the Nasulo geothermal project in Negros Oriental also significantly contributed to the record high income, EDC said.
Inclusive of nonre curring items, consolidated net income attributable to equity holders of the parent company reached P11.7 billion, or 149 percent higher compared to the P4.7 billion recorded in the previous year, EDC said.
The movement was primarily driven by the P5.2-billion increase in revenue and the P1.9-billion net recovery on impairment for the Northern Negros power plant.
Consolidated revenue reached P30.9 billion in 2014, up by P5.2 billion, or 20 percent from the P25.7 billion in 2013. More than half of the increase was attributed to Bacman at P2.8 billion, EDC said.
The successful commissioning of both the Nasulo power plant and the Burgos Wind project in Ilocos Norte also added revenue amounting to P700 million and P200 million, respectively.
About P500 million in higher electricity sales was also reported for Mindanao, mainly due to the absence of any shortfall adjustments.
“We are now realizing the benefits from investments made for the Bacman plant rehabilitation works, the 150-MW Burgos wind, and the 49.4-MW Nasulo geothermal projects,” EDC president and COO Richard Tantoco said.