EDC H1 net income jumps 28% on energy sales

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THE Lopez-led Energy Development Corp. (EDC) said its consolidated recurring net income in the first half grew 28 percent from a year earlier, driven by higher energy revenues and further supported by the partial operations of its Bacon-Manito (BacMan) geothermal plant in the Bicol Region.

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In a statement, EDC said its midyear net income went up to P5.4 billion from P4.2 billion in the same period last year, while consolidated revenues increased 13 percent to P15.2 billion from P13.4 billion last year.

EDC said revenue growth was primarily driven by a P1.5-billion revenue contribution from the BacMan power plant.

“We’re finally reaping some of the benefits of our revised rehab strategy for BacMan,” said EDC president and chief operating officer Richard Tantoco.

“The plants will contribute to our second half revenues starting end-August when Units 1 and 3 return to service. The installation of brand-new Toshiba steam turbine rotors has not been affected by Typhoon Glenda and remains on schedule for the fourth quarter this year and first quarter next year,” he said.

“We expect the growth of our top-line to be sustained into the second half of the year as we commence commercial operations for our Nasulo Geothermal,” Tantoco added.

Incorporated in 1976, EDC is controlled by First Gen Corp., the energy unit of Lopez-led parent firm First Philippine Holdings. EDC is engaged in geothermal energy projects.

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