Energy Development Corporation (EDC) reported consolidated revenues of P27.7 billion for the first nine months of 2018, higher by 13% from the same period last year.
“Our Unified Leyte plants had fully recovered from the impact of typhoon Urduja, with generation volume pretty much catching up with what we had posted during the same period in 2017,” said EDC chief financial officer Nestor Vasay.
“Generation volume for the rest of the fleet had also gone up, with Bacman, Tongonan and Palinpinon all registering volume growth of at least 15%. Our Burgos Wind Farm also posted a 21% increase in volume, keeping us on track to potentially surpassing its record performance last year,” he added.
Consolidated RNIA (recurring net income attributable to equity holders of the parent) for the same period fell slightly by 3%, from P6.6 billion to P6.4 billion.
“We had about P3.8 billion in additional OPEX, mainly driven by some of our plant maintenance and well work-over activities. But we expect our OPEX to go down as we had implemented a number of operational and other efficiency initiatives across the company,” noted Vasay.
The company’s financial position remained strong with a cash balance of P19.3 billion. It maintained a comfortable gearing level with consolidated debt to equity of 0.98x and consolidated net debt to earnings before interest, taxes, depreciation and amortization of 2.46x.
During this period, EDC also successfully concluded its voluntary delisting tender offer. The company had previously announced that following the close of its tender offer period on October 22, it had accepted and purchased a total of 2,009,107,731 common shares (out of 2,040,006,713 public common shares) at P7.25 each. Almost 98.5% of the company’s public shareholders participated in the tender offer.