Energy Development Corporation (EDC) posted a higher 1Q 2012 net income attributable to equity holders of the parent at P2.71 billion, up 96% compared to the P1.38B in the same period last year. Recurring net income to equity holders of the parent was at P2.36B, up by 104% compared to the P1.16B for 1Q 2011.
The improvement was mainly driven by the increased revenue contribution and lower operating costs from the company’s subsidiaries. Green Core Geothermal Inc. (GCGI), the project company for the 305- MW Palinpinon-Tongonan power plants, and FG Hydro Power Corporation, the project company that owns the 132- MW Pantabangan-Masiway power plants, contributed an additional P0.7B and P0.6B, respectively.
“…2010 and 2011 are our transition years during which we planted the seeds of growth and made our balance sheet stronger. Investments in the Tongonan and Palinpinon power plants have started to yield better results for the company. Our hydro asset is also performing exceptionally well this year, thanks to the high water levels stored in the reservoir,” said Richard Tantoco, EDC president and chief operating officer.