In a disclosure to the Philippine Stock Exchange, Energy Development Corp (EDC) said it closed last year with a profit of P4.7 billion, or 46 percent lower than the P8.7 billion in 2012.
The reduction in earnings was primarily brought about by a P1.3 billion loss the Lopez-owned company booked because of the volatility in the peso-dollar exchange rate and by a P600 million material damage sustained by geothermal plants in Leyte following Yolanda's onslaught.
“2013 posed unprecedented challenges to EDC. We, however, remained steadfast and have exerted efforts to expedite the energization of the Leyte plants. We remain on track to have the last of the Leyte plants energized by about June,” EDC executive vice president Ernesto B. Pantangco said.
EDC produces 62 percent of the country's total installed geothermal capacity.
As part of its growth program, the company is on track for the commissioning of the 40 MW Nasulo geothermal project by the third quarter of 2014.
Read More.....