Energy Development Corp swings to profit in H1 2012
Aug 15, 2012 - The Philippines' geothermal power producer Energy Development Corp (PSE:EDC) on Tuesday said it had turned to a first-half net profit of PHP 5.7 billion (USD 135m/EUR 110m) versus a loss of PHP 2.3 billion a year earlier.
Power sales rose 32% on the year to PHP 15 billion, mainly thanks to revenues from its subsidiaries First Gen Hydro Power Corp and Green Core Geothermal Inc, EDC said in a filing to the Philippine stock exchange.
First Gen Hydro Power operates the 132-MW Pantabangan- Masiway hydropower plants. Green Core Geothermal Inc operates the 305-MW Tongonan and Palinpinon geothermal power plants.