Energy Development Corporation (EDC) posted a consolidated recurring net income attributable to equity holders of the Parent of Php7.8 billion for the first nine months of 2014, up by 34% from the Php5.8 billion for the same period last year. This was primarily driven by higher electricity sales mainly from the start of commercial operations of both Bacman and Nasulo Plants.
Consolidated revenues amounted to Php23.0 billion, up by Php3.2 billion, or 16%, from the Php19.8 billion recorded during the same period in 2013. The improvement was principally driven by the Php2.1 billion contribution from the start of operations of the Bacman power plants. The successful commissioning of the Nasulo power plant generated Php0.5 billion 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 (COO).
The Leyte Plants (post Typhoon Yolanda) were returned to service mid-March -- in record time and very much ahead of market’s expectation. EDC’s Nasulo Geothermal Project was inaugurated in September 2014 -- in line with Company’s guidance. 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 was completed end-September 2014, 3-months ahead of schedule. The 150 MW Burgos Wind Project is already physically connected to the Grid and has been delivering power to the transmission system, as of October 31, 2014.
Inclusive of non-recurring items, consolidated net income attributable to equity holders of the Parent during the first three quarters of 2014 reached Php10.4 billion, 94% higher compared to the Php5.3 billion recorded in the same period last year. The movement was mainly driven by the Php3.2 billion increase in revenues and supplemented by the Php1.8 billion net recovery of impairment of NNGP power 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.