In a financial report, the Lopez-controlled firm said its January to June net income hit P6.48 billion, up 68.4 percent from P2.63 billion in the same months in 2013. Consolidated revenues amounted to P15.2 billion, up by 13.0 percent, from the P13.4 billion recorded during the same period in 2013.
The profit hike was brought about by a P1.79 billion increase in revenues mainly due to additional revenues from the 130 MW Bacon-Manito (BacMan) geothermal plants in Albay and Sorsogon.
"We’re finally reaping some of the benefits of our revised rehab strategy for BacMan. The plants will contribute to our second half revenues starting end-August when Units 1 and 3 return to service. The installation of brand new Toshiba steam turbine rotors has not been affected by Typhoon Glenda and remains on schedule for the fourth quarter this year and first quarter next year," Richard B. Tantoco, EDC president and chief operating officer, said.
Read More.....
