EDC recurring income jumps 40% to P9.2B

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Lopez-led Energy Development Corp. (EDC) posted a 40 percent increase in its recurring net income for 2014 on higher electricity sales from its Bacman plants.

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EDC, the country’s largest geothermal and wind energy company, said its net income for last year reached P9.2 billion, 40 percent higher than the P6.6 billion posted in the previous year.

The company attributed the record performance to electricity sales from the start of commercial operations of its Bacman plants after the plants underwent rehabilitation.

“The timely commissioning of the Nasulo Geothermal Project also significantly contributed to the record high income,” EDC said in a statement.

Meanwhile, EDC’s consolidated revenues increased 20 percent to P30.9 billion in 2014 from P25.7 billion in 2013, with more than half of the increase, or P2.8 billion, attributed to the Bacman plants.

The company said the successful commissioning of both the Nasulo power plant and the Burgos wind project also contributed revenues amounting to P700 million and P200 million, respectively, while P500 million in higher electricity sales was reported for Mindanao, mainly due to the absence of any shortfall adjustments.

“We are now realizing the benefits from investments made for the Bacman plant rehabilitation works, the 150MW Burgos wind, and the 49.4MW Nasulo geothermal projects,” EDC president and chief operating officer Richard Tantoco said.

EDC has likewise performed well over the past 12 months with the earlier-than-expected return to service of the Yolanda-damaged Leyte plants last May 2014.

“Moving forward, we will progressively implement engineering solutions to typhoon-proof the cooling tower assets of our geothermal power plants to prevent similar damage in the future,” Tantoco said.

Inclusive of non-recurring items, consolidated net income attributable to equity holders of the parent reached P11.7 billion, 149 percent higher compared to the P4.7 billion recorded in the previous year.

EDC said the increase was primarily driven by the P5.2 billion growth in revenue and the P1.9 billion net recovery on impairment for the Northern Negros Power Plant.

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