Alternergy Holdings Corp. reported lower net income of P109 million for the nine-month fiscal period ending March 2025, down 31 percent from P158 million in the same period last year.
Alternergy said in a statement Tuesday that the income included a one-time gain from the full acquisition of the Tablas Straits offshore wind projects.
The company said net income for this period, however, exceeded its target by 23 percent as more operating assets brought in steady revenue flow.
Alternergy’s revenues during the period increased 43 percent to P261 million, up from P182 million.
Operations of the Palau solar battery storage system (BESS) project bolstered Alternergy’s core revenues for the nine-month period as dollar-denominated revenues contributed to group results.
Earnings before interest, taxes, depreciation and amortization (EBITDA) also increased by 9 percent to P291 million during the same period.
Total assets surged by 59 percent to P14 billion as of March 2025.
Alternergy made significant investments of P4 billion during the period to jumpstart the construction of three projects under its Road to 500 MW target.
The company also continues to enjoy a healthy cash position of P4 billion.
Alternergy said its financial results are expected to change as the company is working to complete construction of four renewable projects.
“As part of ALTER’s Road to 500 MW, these projects will soon come on stream in the coming year and eventually contribute steady revenues to ALTER and our shareholders. As these projects are being completed, ALTER is also building up the development of the next projects under our Road to 500 MW capacity target,” Alternergy president Gerry Magbanua said.
The Dupinga run-of-river mini hydro power project in Nueva Ecija is 83 percent complete, while the Balsik solar power project in Hermosa, Bataan, is more than 50 percent complete with completion expected within the first half of 2025.
Construction of the 128-MW Tanay and 64-MW Alabat wind power projects continues with the delivery of the first shipment of wind turbine generators in April.
At the same time, construction of the substations for the dispatch of the capacities from the two wind projects is also underway.