EDC swings back to profit, nets P5.7B

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.

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.

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