SPC Power Corp.’s net income attributable to the parent equity holder climbed by 51% to P567.02 million in the third quarter of 2021 from P375.47 million in the same period last year.
This brought SPC’s nine-month attributable net income to P1.36 billion from P1.30 billion in the same period last year.
Its consolidated net income also grew by 5% to P1.38 billion in the January-September period from P1.31 billion a year earlier.
“Performance improvements were recorded across all business segments, driven mainly by higher revenues from the sale of electricity as well as higher availability and utilization of power generation capacities,” the company said in its regulatory filing on Monday.
As of September this year, the company’s power generation segment contributed about P426.8 million to its net income, 30.4% higher than the recorded P327.3 million in the same period last year.
The company said the increase was brough about by “higher utilization of available plant capacities.”
Meanwhile, the net income contribution of SPC’s power distribution segment for the nine-month period slightly increased to P28.7 million “as the improvement brought by increasing demand from industrial and commercial customers was dimmed by temporary under-recoveries of cost of purchased power.”
SPC’s gross revenues rose by 34% to P1.99 billion as of September 2021 from P1.49 billion in the same months last year.
Shares in SPC at the local bourse declined by 0.14% or two centavos to finish at P13.84 apiece on Monday. — Bianca Angelica D. Añago
