Geothermal power producer Energy Development Corp. said consolidated recurring net income attributable to equity holder’s of the parent company reached P8.8 billion in 2015, down 4 percent from P9.2 billion in 2014, on higher operating expenditures.
EDC said in a disclosure to the stock exchange that inclusive of non-recurring items, consolidated net income attributable to equity holders of the parent amounted to P7.6 billion, or 35 percent lower than P11.7 billion in 2014.
The company said the decline in net income was due to the absence last year of P2.1-billion impairment reversal recorded in 2014 for the Northern Negros power plant and higher foreign exchange losses of P1.3 billion in 2015, brought about by the depreciation of the peso against the US dollar.
Consolidated revenues increased P3.5 billion or 11 percent to P34.4 billion in 2015 from P30.9 billion in 2014. The higher energy sales was led by the 150-megawatt Burgos wind power plant in Ilocos Norte at P2.2 billion while Bac-Manito and Nasulo geothermal plants contributed P1.2 billion and P600 million, respectively.
