Listed PHINMA Energy Corp. (PHEN) reported a net income of P298 million for the first six months of the year, down 45 percent from P541.5 million last year, on lower electricity prices.
The company told the local bourse on Tuesday that net income attributable to equity holders of the parent company touched P300.3 million in the first half, down from P543.3 million in 2016.
For the second quarter alone, net income attributable to equity holders was P221.9 million , lower than the P277.4 million recorded last year.
Revenues from the sale of electricity hit P8.32 billion in the six months to June from P7.08 billion in the same period in 2016.
“The company attained a significant volume of customer migration because of the implementation of Retail Competition and Open Access (RCOA),” it said.
PHEN said it managed to obtain a Retail Electricity Supply (RES) market share of 14 percent despite the Supreme Court’s 60-day Temporary Restraining Order (TRO) issued on December 23, 2013.
“However, heightened competition and higher penetration of must dispatch variable renewable energy (VRE) have driven market prices of electricity downward. The number of additional customers due to the implementation of RCOA, were below targeted volumes as a result of the TRO,” it added.
The company said it is continuously working to manage supply portfolio costs to remain competitive, hoping more contestable customers will be encouraged to voluntarily join the RCOA system.
Meanwhile, PHEN said it remains upbeat on its prospects for the second half of the year.