Calamities continue to dent EDC profit

By Jordeene Sheex Lagare – August 14, 2018
from The Manila Times

ENERGY Development Corp. (EDC) said consolidated recurring net income attributable to equity holders of the parent declined 21 percent to P4.1 billion for the first half of 2018 from P5.2 billion a year ago as calamities continued to weigh on earnings. In the second quarter, net income fell 50 percent to P2.3 billion, while consolidated revenues dropped 3 percent to P17.1 billion. But all its other units recorded higher revenues. Burgos Wind Power Corp. grew its revenues by 15 percent to P1.66 billion while Bac-Man Geothermal, Inc.’s revenues climbed 10 percent to P2.13 billion as it benefited from its efforts to mostly contract its generation capacity. EDC Chief Financial Officer Nestor Vasay said their first half results were largely dominated by the impact of Typhoon Urduja that hit Leyte Island in December, with Leyte’s generation volume falling 18.5 percent in the first six months. EDC shares closed down one centavo at P7.00 each.