SP New Energy Corp. (SPNEC) reported an attributable net loss of P49.73 million for the third quarter, wider than the P15.51 million recorded in the same quarter last year.
In a disclosure to the stock exchange on Wednesday, the listed energy firm said its gross revenues stood at P269.62 million, without disclosing a comparative figure.
The company’s gross expenses were at P123.15 million while gross profit was at P146.47 million.
For the nine months through September, SPNEC’s attributable net loss also widened to P106.98 million compared with P49.68 million in the previous year.
As of November, Solar Philippines Power Project Holdings, Inc. (SPPPHI) held 74.38% ownership of SPNEC’s outstanding common shares.
In March, Metro Pacific Investments Corp. entered into a share purchase agreement with SPPPHI to “acquire the latter’s rights, title and interests in and to SPNEC” with 1.6 billion common shares.
Meanwhile, MGen Renewable Energy, Inc., the renewable energy unit of the Manila Electric Co. (Meralco), said last month that it had signed an investment agreement with SPNEC and SPPHI to develop solar and battery energy storage systems.
Under the agreement, SPNEC will serve as the primary vehicle to develop 3,500 megawatts (MW) of solar panels and 4,000 MW of battery energy storage systems in Luzon.
Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan earlier said that he was hoping to complete the deal by the end of this year.
The project is estimated to have a required investment of P200 billion throughout its implementation, Mr. Pangilinan said. — Sheldeen Joy Talavera
