MANILA, Nov. 11 (PNA) — Energy Development Corp. (EDC) posted a 34-percent increase in core net income in the first nine months of the year on the back of higher electricity sales.
In a statement to the Philippine Stock Exchange, EDC said its consolidated recurring net income attributable to equity holders of the parent reached Php7.8 billion in January to September from the Php5.8 billion for the same period last year.
“This was primarily driven by higher electricity sales mainly from the start of commercial operations of both Bacman and Nasulo Plants,” it said.
EDC said its consolidated revenues rose by 16 percent to Php23 billion from Php19.8 billion, due mainly to the Php2.1-billion contribution from the start of operations of the Bacman power plants.
The successful commissioning of the Nasulo power plant also generated Php500 million in fresh revenues for the company.
“Our results stem from EDC’s successful delivery on its strategic objectives set in early 2014,” said Richard Tantoco, president and chief operating officer (COO).
The Leyte plants (post Typhoon Yolanda) were returned to service mid-March — in record time and very much ahead of market’s expectation.
EDC’s Nasulo geothermal project was inaugurated in September 2014 in line with company’s guidance.
The cooling tower restoration works (post typhoon Glenda) and installation of the brand new Toshiba steam turbine rotor unit and diaphragms for Bac-man Unit 2 was completed end-September 2014, three months ahead of schedule.
The 150-megawatt Burgos wind project is already physically connected to the grid and has been delivering power to the transmission system as of October 31, 2014.
“Going forward we will focus on reaping the fruits of this year’s growth projects delivered and using that to fund future growth and dividends,” Tantoco said. (PNA)