EDC net income falls to P4.7-B in 2013

Posted at 03/03/14 12:57 PM

MANILA, Philippines – Geothermal energy producer Energy Development Corporation (EDC) on Monday said its consolidated net income attributable to equity holders plunged 46% to P4.7 billion in 2013, from the P8.7 billion recorded in 2012.

EDC said principally contributing to the drop was a net loss of P2 billion for non-recurring items in 2013 in contrast to a P500 million non-recurring gain for 2012.

The company said the non-recurring loss was driven mainly by realignment losses from the volatility in the peso-dollar exchange rate with the P1.3 billion foreign exchange loss in 2013 as compared to the P1.1 billion foreign exchange gain in 2012.

The non-recurring loss was also due to material damage sustained due to typhoon “Yolanda” amounting to P600 million, the firm said.

Its 2013 net consolidated recurring net income saw a decrease of 20 percent to P6.6 billion, compared to P8.2 billion in 2012.

EDC attributed the loss to lower energy sales by its FG Hydro asset.

“2013 posed unprecedented challenges to EDC. We, however, remained steadfast and have exerted efforts to expedite the energization of the Leyte Plants. We remain on track to have the last of the Leyte plants energized by about June 2014,” said EDC executive vice president Ernesto Pantangco.

The firm also announced that consolidated revenues dropped 10 percent from P28.4 billion in 2012 to P25.7 billion in 2013.

“The revenue from FG Hydro dropped by Php2.2 billion and that booked from Leyte by Php0.6 billion,” EDC said.

EDC noted that its financial position “remained healthy with strong cash levels.”