SMC Global Power Jan-Sept income down

SMC Global Power Holdings, the power generation arm of San Miguel Corporation (SMC), registered a five percent decline in net income in the first three quarters from Php14.5 billion to Php13.7 billion in the same period last year.

Based on SMC’s disclosure to the Philippine Stock Exchange, the country’s second largest power generation company (genco) also reported a 14% decrease in operating income to Php24.9 billion from Php29 billion year-on-year.

On the upside, the genco registered a seven percent increase in net sales to Php93.9 billion from Php87.9 billion previously.

SMC Global Power Holdings, recently raised $150 million (around Php7.49 billion) by issuing additional Senior Perpetual Capital Securities for its liquefied natural gas power plant project in Batangas.

It also has allotted Php124 billion this year for the construction and expansion of its projects, particularly new power plants and battery energy storage systems.