EDC reports record revenues for Q1 of 2010

EDC reports record revenues for Q1 of 2010 Leyte geothermal field of EDC, Philippines (source: EDC)
Alexander Richter 6 May 2010

Philippine-based Energy Development Corp (EDC) reports record first quarter revenues of US$84 million, an increase of 68% compared to last year.

Reported from the Philippines, the “first quarter earnings of listed geothermal giant Energy Development Corp. (EDC) of the Lopezes jumped by over a half due to higher power plant earnings.

In a disclosure to the exchange, EDC said it earned P3.80 billion (US$84 million) in the first three months of the year, up 68% from P2.27 billion (US$50 million) the previous year.

EDC said revenues from its two units, namely the Green Core Geothermal, Inc. (GCGI) operator of the 192.5-megawatt (MW) Palinpinon and 112.5-MW Tongonan I geothermal plants, and First Gen Hydro Power Corp., operator of the 112-MW Pantabangan Masiway hydroelectric plants, “were largely responsible for the significant rise in net income and EBITDA (earnings before income, tax, depreciation and amortization) for the quarter, contributing P1.22 billion.”

The company’s core net income also jumped to P3.2 billion this year, from P1.6 billion the previous year.

“The marked improvement was primarily driven by the increased electricity sales from GCGI geothermal and Pantabangan-Masiway hydroelectric plants,” EDC said.

“We’re off to a good start in 2010 given the performance of our subsidiary corporations,” EDC President and Chief Operating Officer Richard B. Tantoco said in a statement.

EDC shares yesterday went unchanged at P5.20 apiece.