Lopez-led Energy Development Corp. (EDC) posted a 14-percent increase in net profit in the first quarter of the year, the company said in a disclosure to the Philippine Stock Exchange.
The company’s consolidated recurring net income rose to P2.5 billion in the first three months of 2015, from P2.2 billion in the same period last year, largely due to higher energy sales coming from the Bacman Plants and the newly commissioned Nasulo Geothermal Project.
EDC’s consolidated revenues amounted to P8.5 billion in the first quarter, growing by P1.4 billion or 20 percent, from the P7.1 billion recorded during the same period in 2014.
The improvement was principally driven by higher revenue contribution of P0.5 billion from the operations of Bacman’s Unit 1, 2 and 3 power plants.
The Nasulo and Burgos Wind power plants, which were commissioned at the latter part of 2014 also contributed P0.4 billion and P0.3 billion, respectively.
Inclusive of non-recurring items, consolidated net income attributable to equity holders of the parent company stood at P2.5 billion in the first three months of 2015, four percent higher compared to P2.4 billion recorded during the same period last year.
EDC President and Chief Operating Officer Richard Tantoco said the first quarter results meet their expectations.
“First quarter operating expenses, when annualized, are expected to be on the lower end of financial year estimates,” he said.
Tantoco said the pace of activities in their different project locations normally accelerate starting in the second quarter, together with a corresponding rise in expenditure levels.
As of the first three months of 2015, Tantoco said the company’s financial position remained healthy with cash balance at P24 billion.
It maintained a gearing level with consolidated net debt to equity ratio of 1.22 to 1 and consolidated net debt to EBITDA of 2.86 to 1, referring to earnings before interest, taxes, depreciation and amortization.
EDC is a pioneer in the geothermal energy industry with more than three decades of proven business viability.
According to the company, it has more than 1,400 megawatts under its green power portfolio diversified by the acquisition of a hydropower project and wind power projects in the pipeline.