Philippines:

EDC’s 2014 Net Profit Jumps 40% on Higher Power Sales (SeeNews Renewables)

Philippine geothermal power firm Energy Development Corp today posted a 40% year-on-year rise in 2014 attributable net profit to PHP 9.2 billion (USD 208m/EUR 191m) thanks to higher electricity sales.

Including non-recurring items, net profit surged 149% to PHP 11.7 billion.

Consolidated revenues climbed by 20% to PHP 30.9 billion, mainly due to a PHP-2.8-billion contribution from the 135 MW Bacon-Manito (Bacman) geothermal plant. The complex consists of Bacman I, which includes one 55 MW and one 60 MW unit, and the 20 MW Bacman II facility.

Furthermore, EDC’s 49.4-MW Nasulo geothermal project was also put into operation during the third quarter of 2014.

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