After delivering a PHP 40.40 million net income during the second quarter of 2023, driven by its hydropower plant commissions, Repower Energy Development Corp., a subsidiary of Pure Energy Holdings Corp., is looking forward to further achieving growth for the rest of the year.
In a report by BusinessWorld, the company said that its attributed net income was a reversal of the PHP 12.39 million loss the company experienced last year. Whereas in its first semester, it registered a PHP 88.65 million attributed net income, a bounce back from the PHP 28.78 million net loss last 2022.
With the continuous commissioning since last June of the Tibag 5.8-megawatt (MW) plant and the Lower Labayat’s presently undergoing testing and commissioning, the company expects a likewise turn of events this third and fourth quarter.
The company’s net income for the first half of the year jumped to Php 95.70 million from Php 27.32 million due to the contributions of the Tibag and Lower Labayat hydroelectric facilities.
During the second quarter, Repower Energy’s gross revenue surged by 48.6%, reaching PHP 105.35 from PHP 70.91 million reported in the same period last year.
Meanwhile, its gross revenue for the first half of the year reached PHP 226.31 from PHP 137.57 in the same period last year, a 64.5% recorded rise.
Repower Energy’s main focus is on hydropower plants and debuted on the Philippine Stock Exchange last June.