Philippine's EDC boosts profit 28% in H1 2014 on higher sales

Aug 13, 2014 - Philippine geothermal power producer Energy Development Corp (PSE:EDC) yesterday posted a 28% year-on-year rise in first-half attributable net profit to PHP 5.4 billion (USD 123m/EUR 92m) thanks to higher energy sales.

Including non-recurring items such as like foreign exchange gains and certain insurance proceeds from damages, net profit surged 87% to PHP 6.3 billion.

Consolidated revenues climbed by 13% to PHP 15.2 billion, mainly due to a PHP-1.5-billion contribution from the 150-MW Bacon-Manito (Bacman) geothermal complex. The plant consists of Bacman I, which includes two units of 55 MW, and Bacman II -- two units of 20 MW. One of the facility's 20-MW units is currently not operational as the company took it out of service in July so it could replace the turbine generator. Moreover, later in July the company said that Typhoon Glenda has inflicted damage on the two 55-MW units.

At the same time, EDC’s hydropower unit First Gen Hydro Power Corp (FG Hydro) saw its revenues decrease by PHP 200 million during the six-month period. The reason for the drop, which was offset by improved performance at the group’s other geothermal plants, was The Energy Regulatory Commission’s (ERC) re-computation of electricity spot prices for November and December 2013 billings.

(PHP 1.0 = USD 0.227/EUR 0.170)

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