EDC increases core net income by 89% in 2012
EDC reports a 89% jump in core net income in 2012 over the previous year, mostly due to the successful rehabilitation of power plant acquisitions that has grown net income significantly.
Energy Development Corporation (EDC), the country’s leading producer of geothermal energy, posted a consolidated recurring net income of Php 9.89 billion ($236 million) in 2012, up 89 percent jump from Php 5.24 billion ($125m) in 2011.
“Our significant investments in the rehabilitation of our recent power plant acquisitions drove the Company’s growth in Net Income in 2012,” EDC President and COO Richard Tantoco said. “Our patient efforts are finally bearing fruit,” he added.
For 2012, EDC’s full year electricity sales increased by 16% to Php28.4 billion ($677m) from the Php24.5 billion ($584m) generated the previous year. Higher contracted revenues by wholly owned subsidiaries Green Core Geothermal, Inc. (GCGI), and ancillary service sales of First Gen Hydro Power Corp. (FGHPC) were the main sources for significant increase.
EDC remains the largest producer of geothermal energy in the Philippines accounting for 62 percent of the total country installed geothermal capacity. It has also obtained and is developing geothermal concessions in Chile and Peru.”