The Energy Development Corporation (EDC) recorded a 7.01 billion consolidated net income nine months into 2016 supported by generated capacities and reduced expenses.
EDC’s net profits rose 20 percent from the P5.87 billion record in the same period last year, their disclosure said.
The was brought by higher revenues from the company’s power projects, and lower operating expenses offset by lower revenues from EDC’s uncontracted capacities.
In the nine-month period, operating expenses went down by P0.69 billion – this includes an increase in depreciation and amortization expense of P0.31 billion.
There were also an increase in energy sales from largely contracted capacities like Tonginan & Palinpinon (P 0.48 billion) on account of lower unplanned outages, the Pantabangan – Masiway (P0.36 billion) with higher dam water levels, the Burgos wind & solar (0.23 billion) with the completion of the Laoag – San Esteban transmission line.
Meanwhile, its core net income is nearly flat at P7.05 billion versus last year’s P6.99 billion. While EDC’s revenues in the three-quarters was P25.38 billion as compared to the P25.32 billion.
“In the context of a challenging competitive environment, we have focused on investing to improve reliability, increase generation output, thereby lowering unit costs,” EDC president and COO Richard Tantoco said.
The EDC is a Lopez – led company and the largest producer of geothermal energy in the country.