EDC swings back to profit, nets P5.7B | Inquirer Business
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EDC swings back to profit, nets P5.7B

/ 01:30 AM August 15, 2012

Energy Development Corp., the country’s largest producer of geothermal energy, posted a net income of P5.7 billion in the first half of 2012, reversing the P2.3-billion net loss a year ago.

EDC reported to the Philippine Stock Exchange that the strong first-half performance was driven by the rise in electricity sales.

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Its net income attributable to equity holders of the parent for the first six months of the year also rose to P4.6 billion, from a net loss of P2.3 billion a year ago. Total revenue in the first semester was up by 32 percent to P15 billion from P11.4 billion a year ago.

According to EDC, revenues from First Gen Hydro Power Corp. (FGHPC) and Green Core Geothermal Inc. (GCGI) remained the company’s major income drivers. FGHPC operates the 132-megawatt Pantabangan-Masiway hydroelectric plants, while GCGI operates the 305-MW Tongonan and Palinpinon geothermal plants.

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Revenue from drilling services rose by 5.7 percent to P345.2 million in the first semester of 2012 from P326.7 million a year ago.

EDC president and COO Richard B. Tantoco said revenues are expected to further increase once the 130-MW Bacon-Manito geothermal plants in Albay and Sorsogon resume operations.—Amy R. Remo

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TAGS: Earnings, Energy, Energy Development Corp. (EDC), Geothermal, net income
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