Energy Development CorporationEnergy Development Corporation (EDC) reported a consolidated recurring net income attributable to equity holders of the parent of P4.68 billion for the first half of 2016. This is slightly higher than the P4.66B posted during the same period in 2015.
EDC’s consolidated revenues improved to P17.01B in 1H 2016, up by P0.23B, from the P16.78B reported in 1H 2015.
Operating expenses for the period dropped by P0.71B with the deferral of noncritical projects and the curtailment of business-related expenses. This is exclusive of the increase in depreciation and amortization expense amounting to P0.26B.
“In spite of the low WESM [Wholesale Electricity Spot Market] price environment, we remain committed to address plant reliability issues fleetwide,” said Nestor Vasay, EDC’s senior vice president and chief finance officer.
“Investing in the company’s existing asset base is expected to boost cash generation, with the equipment’s improved reliability and output,” Vasay added.
Inclusive of nonrecurring items, consolidated net income attributable to equity holders of the parent stood at P4.91B, 7% higher than the P4.61B reported during the same period in 2015. The increase was primarily driven by higher revenues from power projects and lower operating expenses.