Off-grid energy supplier DMCI Power Corp. (DPC), a subsidiary of DMCI Holdings Inc. (PSE: DMC), recorded flat electricity sales volume from January to September 2017 at 181.43 GWh due to reduced energy dispatch to Mindoro and Palawan.
Energy sales to Palawan Electric Cooperative dipped 1% from 69.96 GWh to 69.32 GWh while volume sold to Oriental Mindoro Electric Cooperative contracted 6% from 40.98 GWh to 38.38 GWh.
Only Masbate showed growth, as sales volume to Masbate Electric Cooperative grew by a modest 4% from 70.82 GWh to 73.73 GWh.
The marginal decline in total sales volume (0.2%) was offset by a 19% increase in average selling price, primarily driven by higher fuel prices.
Consolidated revenues from January to September 2017 rose 18% from PhP1.7 billion to PhP2 billion, while net income dipped 5% from PhP341 million to PhP324 million, following the expiration of DPC’s income tax holiday (ITH) for its Masbate operations in September 2016.
“Despite our flattish sales and ITH expiration, our profitability remains strong. Our pretax earnings actually grew 11% year-on-year,” said DPC president Nestor D. Dadivas.
For the first nine months of 2017, EBITDA rose by 18% to PhP554 million compared to PhP469 million during the same period last year.
DPC operates and maintains bunker-fired power plants and diesel generating sets in parts of Masbate, Oriental Mindoro, Palawan and Sultan Kudarat.