ENERGY firm Vivant Corp. recorded a net income of P629.33 million for the January-March period, more than four times better than the P123.67 million posted a year earlier.
Revenues rose by 50 percent to P1.64 billion from P1.09 billion even as power sales declined by 4 percent to P957.3 million from P995.40 million.
The deficit was mainly attributed to a 33-percent drop in subsidiary 1590 Energy Corp.'s topline to P479.70 million due to a 62-percent decline in Wholesale Electricity Spot Market (WESM) sales.
The revenue contraction was said to have been mitigated by improved contributions from investments in other oil-fired power plants, renewable energy sources and solar rooftop businesses.
For oil-fired power plants, North Bukidnon Power Corp. contributed P18.1 million, 5 percent higher year on year.
Isla Norte Power Corp. added P180.3 million.
Corenergy Solar Solutions Corp. contributed revenues of P1.3 million while Vivant Solar Corp. added P1.1 million.
Management and service fees, meanwhile, stood at P24.8 million. No comparative figures were provided.
Vivant's engineering service income surged to P6.8 million from P500,000 a year earlier due to a third-party engineering service contract worth P6.1 million.
Vivant, which last traded on April 26, 2023, is priced at P14.50 per share.