Energy Development Corp. posted P4.1 billion in consolidated recurring net income attributable to equity holders of the parent in the first six months, down 21 percent from P5.2 billion year-on-year.
The country’s largest geothermal and wind energy company registered consolidated revenues of P17.1 billion in the six-month period, down three percent from P17.7 billion a year ago.
“Our first-half results, similar to what we communicated to the market during our first-quarter earnings announcement, were largely dominated by the impact of Typhoon Urduja that hit Leyte island, site of our biggest business unit, in December. Leyte’s generation volume was down by 18.5 percent for the first six months”, EDC chief financial officer Nestor Vasay said in a disclosure to the Philippine Stock Exchange.
EDC is optimistic of better power generation figures in the second half as some of its Leyte power plants will go back online.
“However, we expect this downtrend to reverse in the second half of 2018, as our major power plants in Leyte are now back in service. We also see our operational efficiency initiatives starting to pay off,” Vasay said.
EDC said all other units posted higher revenues during the period, led by the 150-megawatt Burgos Wind project in Ilocos Norte, which rose 15 percent to P1.66 billion from P1.44 billion in the same period last year.
Revenues of the Bacon-Manito geothermal plants increased 10 percent to P2.13 billion from P1.95 billion, benefitting from efforts to mostly contract its generation capacity.
The company’s financial position remained strong with a cash balance of P16.1 billion.
EDC is a global geothermal energy industry pioneer and the Philippines’ largest renewable energy producer, delivering 1,472 MW of clean renewable energy to the country in the form of hydro, solar, and wind power apart from geothermal.
The Burgos Wind Farm is also the biggest in the country while EDC’s almost 1,200-MW geothermal installed capacity accounts for 61 percent of the country’s total.