EDC income up 11% in H1

Energy Development Corp. (EDC) recorded an 11-percent year-on-year rise in consolidated recurring net income for the first semester, reaching P5.2 billion this year from P4.7 billion in the same period last year.

Taking into account non-recurring items, consolidated net income attributable to equity holders of the parent was pegged at P4.6 billion, diving 6 percent from P4.9 billion previously.

EDC said in a statement the decline was primarily driven by higher operating expenses, foreign exchange losses on loans, and the early redemption of a portion of the company’s US dollar-denominated bonds. This was partly offset by higher revenues mainly from Unified Leyte and the Bacman power plants.
Looking forward to the second semester, EDC chief financial officer Nestor Vasay said earnings growth “will likely become moderate” due to the magnitude 6.5 earthquake that struck the island of Leyte last July and disabled the power plants there.