APC GROUP, Inc. on Tuesday reported an attributable net loss of P5.87 billion last year, up 11% from a year ago, as the listed holding firm recorded a double-digit decrease in revenues.
“This decrease is mainly brought about by the lower interest income from cash and money market placements for 2020 given the also lower amount of cash,” APC told the stock exchange in a regulatory filing.
APC posted a 75% fall in total revenues to P1.27 million from P4.97 million the year before.
The firm also gave updates on the operations of its various units, which include Aragorn Power and Energy Corp. (APEC), APC Energy Resources, Inc., and PRC-Magma Energy Resources, Inc.
As of March 1, APEC remained in the exploration stages. APC Energy, APC Mining Corp., APC Cement Corp., and PRC Magma are in the pre-operating stages.
APEC in 2018 secured government certification for its geothermal project, which was named by the Department of Energy as an energy project of national significance. This means that the project, during its pre-development stage, qualifies for all the rights and privileges under Executive Order 30 series 2017, which created the Energy Investment Coordinating Council.
On Tuesday, shares in APC rose by 2.6% to close at P0.385 apiece. — Angelica Y. Yang
