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EDC Reports Net Income of P7.05 Billion

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MANILA, Philippines – Energy Development Corporation (PSE:EDC) registers a consolidated recurring net income of P7.05 billion, which is attributed to the parent company’s equity holders.

For the first nine months of the year, the recorded net income is also similar to last year’s record of P6.99 billion against last year.

The first three quarters of 2016 exhibited revenue of P25.38 billion, which is higher than last year with a registration of P25.32 billion. Energy sales were pulled by plants with largely expanded capacities. Tongonan & Palinpinon had lower unintended breakdown but ended with P0.48 billion of sales. Burgos wind & solar had P0.23 billion after the Laoag-San Esteban transmission line project. Lastly, Pantabangan-Masiway, with higher dam water levels, had P0.36 billion.

Other plants that contributed to the energy sales are the Unified Leyte and Mindanao Plants with P0.02 billion and P0.13 billion, respectively.

Lower spot prices of Bacman and Nasulo had partially erased its reported sales volume gains with lower spot prices. The plants had P0.90 billion and P0.33 billion sales, in that order.

The operating expenses of the company were reduced by P0.69 billion compared to last year record. Total amount of expenses is P0.31 billion, including the depreciation hike and amortization increment.

Richard B. Tantoco, EDC President and COO, stated that amid the challenging environment, the company concentrated on expenditures to increase generation output and enhance its operations reliability. As a result, unit costs will be lower. He added that Tongonan unit 1 project for retrofitting has commenced. The rehabilitation of all units will be completed by the middle of 2017.

The equity holders- attributed consolidated net income of the parent, which includes non-recurring items, amounted to P7.01 billion. The record is 20 percent higher than the 2015 record of P5.87 billion. The increase is due to lower operating expenses and power projects’ higher returns. This was slightly countervailed by the expanded capacities’ losses.

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