ENERGY Development Corp. (EDC) recorded P4.1 billion in recurring net income attributable to equity holders of the parent firm in the first half, down 21% from year ago’s P5.2 billion.
In a statement, 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,” EDC Chief Financial Officer Nestor H. Vasay said in a statement.
The company did not disclose its profit and revenue figures for the second quarter, and the comparative data from a year ago.
Mr. Vasay said EDC expects the downtrend to reverse in the second half of the year with its major power plants in Leyte now back in service.
EDC said all its other units posted higher revenues for the period, led by its Burgos wind farm, which recorded a 15% increase to P1.66 billion from P1.44 billion as it “continued to track its record performance last year.”
The Bacman units recorded a 9% rise in revenues to P2.13 billion from P1.95 billion as it benefited from efforts to forge contracts for most of its power generation capacity.
The company said its financial position remained strong with a cash balance of P16.1 billion.
“It maintained a comfortable gearing level with consolidated debt to equity of 1.03 times to 1 and consolidated net debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) of 2.87 times to 1,” it said.
EDC produces 1,472 megawatts (MW) of power from hydro, solar and wind resources, apart from its 1,200 MW of geothermal capacity.
Shares in the company rose 0.14% to close at P7 each on Monday. — Victor V. Saulon
