THE Energy Development Corp. (EDC) has reported a sharp increase in net income for the first nine months on higher revenues from its geothermal plants.
In a disclosure to the Philippine Stock Exchange on Friday, the Lopez-led company said it netted P10.5 billion from January to September, 78 percent higher than last year’s P5.9 billion.
EDC attributed the surge in profit to higher revenues from its geothermal plants.
It reported that the Bacon-Manito (BacMan), Nasulo, and Mindanao geothermal plants have been performing well this year, generating higher revenues for the company.
EDC President and Chief Operating Officer Richard Tantoco said that some of their plants did not make money last year because they were affected by calamities.
The BacMan plant, which is located in Sorsogon and Albay, did not generate revenue last year, he added.
Tantoco, however, said the BacMan plant was able to come on stream this year after it underwent repair in 2013.
Besides BacMan, EDC’s Nasulo plant in Negros Oriental and the Mindanao plant in North Cotabato were able to generate higher electricity sales.
EDC’s nine-month revenue from electricity sales rose 16.2 percent to P22.9 billion from P19.8 billion last year.
Tantoco expressed optimism that the company’s income for next year will continue to increase.
The EDC and its subsidiaries are the leading producer of geothermal energy in the country, accounting for more than 60 percent of the total installed capacity.
The group’s geothermal portfolio include the Palinpinon and Nasulo plants, the integrated steam and electricity projects in Leyte, Bicol and North Cotabato with a combined installed capacity of 1,130 megawatts (MW).
EDC is part-owner of the 132 MW Pantabangan-Masiway hydroelectric plants in Nueva Ecija.
Through a subsidiary, EDC is currently constructing the 150 MW Burgos Wind project in Ilocos Norte.
Formerly owned by the Philippine National Oil Co., EDC is engaged in the exploration of resources, production of energy, and distribution of power supply to smaller electricity distributor.