Repower Energy Development Corp. said Wednesday first-half net income grew 255 percent to P95.7 million from P27.3 million in the same period last year.
REDC said in a statement net income in the second quarter also surged 293 percent to P42.9 million from P11.1 million. First-quarter earnings increased 229 percent to P52.8 million from P16.2 million.
REDC attributed the strong growth in quarterly earnings to the consistent performance of run-of-the-river hydropower plants.
REDC, a subsidiary of Pure Energy Holdings Corp., also recorded top-line growth. First-quarter revenues grew 81 percent year-on-year to P121 million from P66.7 million, while second-quarter revenues rose 49 percent to P105.3 million from P70.9 million.
First-half revenues increased 65 percent to P226.3 million from P137.6 million a year ago.
