Energy Development Corporation’s consolidated recurring net income attributable to equity holder’s of the parent for the first nine months of 2013 amounted to P5.8 billion, 7.7% lower than the P6.3B posted during the same period last year. Lower ancillary revenues from EDC’s hydro asset principally accounted for the decline in the recurring net income.
Inclusive of nonrecurring items, EDC reported a P5.3B consolidated net income attributable to equity holders of the parent for the first nine months of 2013, 24.7% lower than the P7.1B posted in the same period last year. The nonrecurring decrease was primarily driven by losses arising from the volatility in the peso-dollar exchange rate.
Consolidated revenues for the first nine months of 2013 dropped by 7.7% or P1.6B to P19.8B from P21.4B during the same period in 2012. Bulk of the decline is attributed to FG Hydro’s P1.9B revenue reduction principally from ancillary services, and another P0.3B from EDC’s other operating assets. Partially offsetting these was a P0.6B increase in revenues from Green Core Geothermal Inc.
As of the first nine months of 2013, EDC’s cash balance stands at P18.2B with a financial net gearing ratio of 1.03 versus 1.12 in the same period last year due to higher equity brought about by higher retained earnings.
“The company’s balance sheet has remained robust with adequate capacity to carry out EDC’s growth plans for the balance of 2013 into 2014, as we remain on track for the commissioning of the 40-MW Nasulo Geothermal and the 87-MW Burgos Wind Energy Project in 2014,” EDC president and COO Richard B. Tantoco said.