Cebu-based Vivant Corp. posted a net income of P491.2 million in the third quarter, down 11 percent from P551.8 million in the same period last year.
Third-quarter revenues jumped 26 percent to P1.65 billion from P1.31 billion, the company said in a disclosure to the stock exchange Monday.
Nine-month net income amounted to P943.3 million, down 24 percent, while revenues rose 16 percent to P4.32 billion.
“Although we continue to face industry-wide external challenges, our third-quarter results have shown that we are resilient and agile within a changing environment,” said Vivant chief executive Arlo Sarmiento.
Vivant, a holding company with investments in energy and water infrastructure, said the increase in total revenues was driven by fresh contributions from power generation plants in Bantayan, Cebu and the improved solar rooftop business of wholly-owned subsidiary COREnergy.
It said with these new projects, power sales increased 34 percent to P3.1 billion from P2.3 billion.
Vivant’s subsidiary Isla Norte operates a 23.3-megawatt power plant to provide stable and reliable power to Bantayan Island in northern Cebu.
COREnergy also reported an expansion in the volume of energy sales on account of an improved customer base for its solar rooftop business, higher revenues from retail electricity and improved earnings from engineering solutions business.
Vivant said the income contribution from its distribution business was significantly affected by the aftermath of super typhoon Odette.
The slowdown in electricity sales in January and February, the assistance extended to customers and the delayed recovery of generation charges also weighed down the utility’s profit performance, resulting in a 39-percent reduction in income contribution to Vivant.
The global trade conditions and inflationary pressures also resulted in higher costs for the company’s businesses.
Vivant said it made significant investments in energy generation and water solutions despite the global headwinds, while implementing cost-efficiency measures to adapt to the prevailing economic environment.
The company acquired the 225-MW Bauang Diesel Power Plant through subsidiary 1590 Energy Corp. in April.