EDC profit slightly down to P6.6-B in 9 months

EDC told the local bourse its consolidated recurring net income attributable to equity holders of the parent firm reached PHP6.6 billion in January to September from PHP7 billion during the same period last year. (Pixabay photo)

MANILA— Listed-firm Energy Development Corp. (EDC), the country’s largest geothermal and wind energy company, said Wednesday its profit declined slightly in the first nine months of 2017 due to the damages caused by an earrthquake on its business unit in Leyte.

EDC told the local bourse its consolidated recurring net income attributable to equity holders of the parent  firm reached PHP6.6 billion in January to September from PHP7 billion during the same period last year.

Consolidated revenues also declinedy 3.1 percent to PHP24.6 billion from PHP25.4 billion.

Its Bacman geothermal unit in Albay and Sorsogon partly off-set the reduced revenues from Leyte, with its topline figure rising by PHP500 million as the company drastically increased the amount of its contracted capacity thereby reducing its reliance on the spot market.

“We’ve successfully brought back to service our damaged units earlier than we originally forecasted, and at the same time strengthening our facilities. Our other business units have also been helping in cushioning the financial impact of the earthquake by way of cutting back on their forecast OPEX (operating expenses) for the rest of the year,” said EDC Chief Financial Officer (CFO) Nestor Vasay.

Inclusive of non-recurring items, consolidated net income attributable to equity holders of the Parent stood at PHP6 billion, lower than the PHP7.4 billion in 2016.

EDC attributed the decline mainly to lower reported revenues combined with lower proceeds from insurance claims and premium paid for the early redemption of its dollar-denominated bonds.

These were partially offset by lower foreign exchange losses and financing costs being reported for the period.