Energy Development Corp. (EDC) on Thursday reported a decline in its recurring income and revenues last year, as operations were mainly affected by earthquake and typhoon.
“Our Leyte unit, which generated almost 45 percent of our revenues in 2016, was on track for a record year last year until it got struck by two major calamities,” EDC Chief Financial Officer Nestor Vasay said.
“Despite the initial shock from the earthquake last July and from Urduja last December, our team worked hard to successfully restore much-needed electricity to our countrymen in the Visayas region,” Vasay added.
Meanwhile, EDC’s Bacman business unit delivered an additional P0.9 billion in revenues on account of higher contracted volume, to negate the lower generation volume of its Palinpinon power plants.