Vivant profit down 56% despite higher power sales

CEBU-BASED Vivant Corp. said on Wednesday that its net income attributable to parent equity holders slid around 56% to P141.99 million in the first quarter after recording decreased revenues despite better power sales.

In its quarterly report shared with the local bourse, Vivant said that its revenues stood at P777.47 million, down by 10% from the P860 million year on year.

However, power sales, which made up a huge chunk of the firm’s revenues, improved by 33% to P431.47 million during the period.

Vivant said the increase was mainly due to the improved revenues of its majority-owned 1590 Energy Corp., and an increase in volume sold by its wholly owned Corenergy, Inc. and ET Energy Island, Inc.

It also cited a P2.6-million revenue contribution from Isla Norte Energy Corp., which has a power supply agreement with Bantayan Electric Cooperative, Inc.

Meanwhile, the firm’s income from operations stood at P245.63 million, around 31% lower than the P366.38 million in the same period last year.

For full-year 2020, Vivant’s attributable net income fell by 38% to P1.4 billion from P2.3 billion in 2019, as power sales declined.

Vivant shares at the local bourse inched down by 1.38% or 20 centavos to finish at P14.20 apiece. — Angelica Y. Yang