EDC expects flat profit, revenues this year

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Energy Development Corp. (EDC) expects this year’s revenues and profit to be flat, a positive development for the Lopez-led listed company that ended the first quarter with a double-digit decline in top- and bottomline figures.

Erwin O. Avante, EDC vice-president and head for corporate finance, told reporters this would just approximate last year’s crucial numbers as the company recovers from the impact of the natural disasters that occurred last year.

In the first quarter, the country’s largest geothermal and wind energy company posted consolidated revenues of P8.18 billion, down 15% from the level a year ago.

Its consolidated recurring net income attributed to equity holders of the parent firm was at P1.81 billion, lower by 44% from a year earlier.

Mr. Avante also said that the company expects to spend P6.1 billion this year, which he said is about the same as the capital expenditure last year. — Victor V. Saulon