EDC bottom line up 24% to P9.72 B

Lopez-led Energy Development Corp. (EDC) grew its earnings over a fifth in 2016 due to improved sales of its wind and hydropower assets coupled with lower operating expenses from its power plants.

EDC said its net income rose 24 percent from P7.86 billion in 2015 to P9.72 billion last year.

Meanwhile, core net income increased four percent from P8.8 billion to P9.2 billion “on top of improved performance and lower operating expenses of the Negros Island and First Gen Hydro business units,” the firm said.

Revenues for the year amounted to P34.2 billion, a slight decrease of P0.1 billion from the previous year, as depressed spot market prices for the Bacman and Nasulo geothermal plants’ uncontracted capacity offset gains in overall sales volume.

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