Basic Energy Corporation posted a consolidated net loss of PHP 115.45 million for the first quarter of 2025, reversing its PHP 11.58 million net income in the same period last year. This downturn was attributed to higher finance costs and operating expenses, despite revenues reaching PHP 12.75 billion for the quarter.
Gross profit stood at PHP 234.43 million, while operating expenses climbed to PHP 326.85 million. Finance costs surged to PHP 228.76 million from PHP 197.97 million in Q1 2024. The company’s interest coverage ratio dropped to 0.50 from 1.20 year-on-year, reflecting tighter margins and higher debt burden.
In parallel with these financial results, Basic Energy made headway on multiple renewable energy initiatives. The company completed its Wind Resource Assessment (WRA) in Mabini, Batangas for a wind energy project and is now finalizing feasibility and EPC procurement. Commercial operations are targeted by end-2027. A 50:50 joint development agreement was also signed with Japanese firm Renova for the same project.
Additional wind service contracts have been awarded by the Department of Energy for sites in Panay, Calatagan, and Ilocos Norte. Preliminary studies suggest these sites could yield a combined capacity of over 500 MW. WRA campaigns and permit preparations are underway.
Basic Energy also secured Certificates of Authority for solar projects in Mariveles, Bataan and Cadiz, Negros Occidental, projected to deliver a combined capacity of over 100 MWp by late 2026. Meanwhile, the Green Energy E-Transport Program is in motion at three retail stations, with plans for a broader rollout of EV charging infrastructure.
Despite the quarter’s financial setback, the company emphasized that no material uncertainties or commitments are expected to impact liquidity. The interim report noted: “There are no known trends, demands, commitments, events or uncertainties, known to management that will have a material impact on the company’s liquidity.”
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