Calamities dent EDC profit by 4% to P8.8B

LOPEZ-LED Energy Development Corp. (EDC) said on Thursday that recurring net income attributable (RNIA) to equity holders of the parent dropped 4 percent to P8.8 billion in 2017 against P9.72 billion in 2016.

In a disclosure, EDC attributed its lower recurring net income to the 6.5 magnitude earthquake that hit Leyte Island on July 2017, and Typhoon Urduja (international name: Kai-tak) that struck in December 2017, which resulted in an P800-million fall in revenues from its largest business unit.