EDC hikes income

by Alena Mae S. Flores – May 13, 2016 at 11:10 pm

from Manila Standard Today

Energy Development Corp. of the Lopez Group reported a consolidated recurring net income of P2.63 billion in the first quarter, up 7 percent from P2.46 billion year-on-year.

EDC, the country’s largest geothermal and wind energy company, disclosed to the Philippine Stock Exchange consolidated revenues reached P9.10 billion in the first quarter, up 7 percent from P8.5 billion on year.

The higher core income and revenues resulted primarily from higher energy sales reported by EDC’s 150-megawatt Burgos Wind Project following the completion of the uprated Laoag-San Esteban transmission line in September 2015.

The core income of the Burgos wind project rose by P520 million following a P670-million increase in revenues during the period.