Solar Philippines Nueva Ecija Corp. (SPNEC) recorded a net loss of P21 million for the first quarter of its operations ending in September 2021, it reported in a disclosure.
SPNEC said losses were mainly due to fees, taxes and licenses.
In a text message, Solar Philippines founder Leandro Leviste said SPNEC may start to be profitable once its first 50-megawatt solar unit begins operations, possibly by the end of the year.
He added that this could also be done by increasing the company’s operating assets “if that is what our public shareholders want.”
“We are taking into consideration the feedback that adding already operating or contracted projects of Solar Philippines would make SPNEC even more attractive,” said Leviste.
SPNEC recently approved the increase in its authorized capital stock to 50 billion shares from 10 billion shares in preparation for an asset-for-share swap with parent firm Solar Philippines as a means to expand its project portfolio. INQ.