ENERGY Development Corporation (EDC) posted a consolidated recurring net income attributable to equity holders of the parent of P7.8 billion for the first nine months of 2014, up by 34% from the P5.8B for the same period last year. This was primarily driven by higher electricity sales mainly from the start of commercial operations of the Bacman and Nasulo plants.
Consolidated revenues amounted to P23.0B, up by P3.2B, or 16%, from the P19.8B recorded during the same period in 2013. The improvement was principally driven by the P2.1-B contribution from the start of operations of the Bacman power plants. The successful commissioning of the Nasulo power plant generated P0.5B in fresh revenues for the company.
“Our results stem from EDC’s successful delivery on its strategic objectives set in early 2014,” said Richard Tantoco, president and chief operating officer.
The Leyte Plants (posttyphoon Yolanda) were returned to service mid-March while the Nasulo Geothermal Project was inaugurated in September 2014. The cooling tower restoration works (post-typhoon Glenda) and installation of the brand-new Toshiba steam turbine rotor unit and diaphragms for Bacman Unit 2 were completed end-September 2014. The 150-MW Burgos Wind Project has been delivering power to the transmission system as of October 31, 2014.
Inclusive of nonrecurring items, consolidated net income attributable to equity holders of the parent during the first three quarters of 2014 reached P10.4B, 94% higher compared to the P5.3B recorded in the same period last year. The movement was mainly driven by the P3.2-B increase in revenues and supplemented by the P1.8B net recovery of impairment of the Northern Negros Geothermal Plants transferred to and installed in Nasulo.
“Going forward we will focus on reaping the fruits of this year’s growth projects delivered and using that to fund future growth and dividends,” Tantoco said.
