Skip to content

Philippines Today

home of the Global Filipino

Menu
  • News Stories
  • Regional News
  • Business & Economy
  • Science & Technology
  • International
Menu

EDC core net income up 34% to Php7.8-B in Jan-Sept

Posted on November 11, 2014

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)

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • More
  • Tumblr
  • Reddit

Related

News Categories

  • Announcement (34)
  • Business & Economy (1,567)
  • Comment and Opinion (74)
    • Random Thoughts (18)
  • Current Issues (425)
    • Charter Change (1)
    • Election (228)
    • Population (6)
  • International (389)
  • Life In Japan (66)
    • Everything Japan (41)
  • Literary (34)
  • Miscellaneous (610)
  • News Stories (5,312)
  • OFW Corner (297)
  • Others (75)
  • People (408)
  • Press Releases (163)
  • Regional News (3,362)
  • Science and Technology (502)
  • Sports & Entertainment (287)

Latest News

  • BSP keeps policy rates anew December 17, 2015
  • NEDA cuts PHL additional rice import for 2016 by 25% December 17, 2015
  • DA cites serious implications of banning genetically modified products December 17, 2015
  • BBL is not yet dead – Drilon December 17, 2015
  • Comelec recognizes Duterte’s CoC for president December 17, 2015
  • NEDA chief sees 2015 growth at 6% despite typhoons December 17, 2015
  • House of Representatives ratifies bicam report on P3.002-T national budget for 2016 December 17, 2015
  • Cebu-based developer invests PHP430M to build 709 townhouse units in north Cebu town December 17, 2015
  • City gov’t eyes P75-M income from economic enterprise December 17, 2015
  • Baguio City LGU presents traffic plan for holiday season December 17, 2015

Archives

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Science and Technology

  • DOST-ICTO targets 500,000 web-based workers from countryside by 2016
  • (Feature) STARBOOKS: A ‘makeover’ for librarians
  • Science, research reduce ‘cocolisap’ hotspot areas in PHL
  • Montejo to further improve PAGASA and empower scientists
  • 1st PPP in biomedical research produces knee replacement system fit for Asians

Press Releases

  • Microsoft to buy Nokia’s mobile devices business for 5.44-B euros
  • New World Bank climate change report should spur SEA and world leaders into action: Greenpeace
  • Save the Philippine Seas before it’s too late — Greenpeace
  • Palanca Awards’ last call for entries
  • Philippines joins the global call for Arctic protection

Comment and Opinion

  • Remembering the dead is a celebration of life
  • Killer earthquake unlikely to hit Panay Island in near future – analyst
  • It’s not just more fun to invest in the Philippines, it is also profitable, says President Aquino
  • How does one differentiate a tamaraw from a carabao?
  • Fun is not just about the place, it is also about the people, says DOT chief

OFW Corner

  • Ebola infection risk low in Croatia
  • Death toll rises to 41, over 100 still missing in landslide in India
  • Asbestos use in construction a labor hazard
  • 500,000 OFWs to benefit POEA on-line transactions — Baldoz
  • 25 distressed OFWs return home from Riyadh
©2025 Philippines Today | Design: Newspaperly WordPress Theme