EDC’s first-half net income down by 21%

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Energy Development Corp. (EDC) reported a first-half profit of P4.1 billion, down 21% from last year’s P5.2 billion recurring net income attributable to equity holders of the parent firm, it told the stock exchange on Monday.

The Lopez-led company also reported a 3% decline in consolidated revenues during the period to P17.1 billion from P17.7 in the same period last year.

“Our first half results, similar to what we communicated to the market during our Q1 earnings announcement, were largely dominated by the impact of Typhoon Urduja that hit Leyte island, site of our biggest business unit, in December. Leyte’s generation volume was down by 18.5% for the first 6 months,” said EDC Chief Financial Officer Nestor H. Vasay in a statement.

The company did not disclose its profit and revenue figures for the second half, and the comparative data from a year ago. — Victor V. Saulon