EDC profit up on higher electricity sales

MANILA, Philippines – Geothermal energy producer Energy Development Corp. (EDC) registered an 89% jump in core net income to P9.89 billion in 2012 from P5.24 billion in 2011.

Core net income excludes extraordinary gains or charges.

“Our significant investments in the rehabilitation of our recent power plant acquisitions drove the company’s growth in net income in 2012,” said Richard Tantoco, EDC President and COO, without disclosing the net income figure. “Our patient efforts are finally bearing fruit.”

The company’s electricity sales grew 16% to P28.4 billion in 2012 from P24.5 billion in 2011. The firm attributed the growth to higher contracted revenues from Green Core Geothermal and First Gen Hydro Power Corp.

EDC is the largest producer of geothermal energy in the Philippines. It accounts for 62% of the country’s total installed geothermal capacity and has concessions in Chile and Peru. – Rappler.com