Manila—(PHStocks)—Energy Development Corp. (PSE: EDC) reported a consolidated recurring net income attributable to equity holder’s of the Parent of PhP2.2 billion for the first three months of 2014, 14% lower than the PhP2.6 billion posted during the same period last year. The decrease is due to Typhoon Yolanda related expenses that were partially offset by higher revenues coming from the commercial operations of Bacman Units 1 & 3.
Consolidated revenues reached PhP7.1 billion, or PhP0.2 billion higher than the PhP6.9 billion recorded during the same period in 2013. The increase was primarily driven by the PhP0.4 billion contribution from the commercial operations of Bacman Units 1 and Unit 3 starting January 2014 and October 2013, respectively. Partially offsetting the increase was a PhP0.2 billion reduction from EDC’s Leyte Power Power Plants, as majority of their cooling towers were in varying stages of rehabilitation post typhoon Yolanda. Revenues from FG Hydro also declined by PhP0.1 billion due to ERC mandated re-computation of electricity spot prices for Nov. and Dec. 2013 billings.
“With the return to service of our Leyte plants, our revenue streams for the balance of the year have normalized. More importantly, we expect additional electricity sales from the on-time commissioning of EDC growth projects programmed for the balance of 2014”, EDC President and COO Richard B. Tantoco said.
During its Annual Meeting last May 6, EDC announced the commissioning of the following projects, namely, 40MW Nasulo Project by June 2014, Bacman Unit 2 close to the start of 2H 2014 and 150MW Burgos Wind Project by 4Q 2014 and 1Q 2015.
Inclusive of non-recurring items, net income attributable to equity holders of the Parent stood at PhP2.4 billion for 2014, 12% lower as compared with PhP2.7 billion recorded during the same period last year.
As of the first three months of 2014, the Company’s financial position remained healthy with cash balance at PhP14 billion. It maintained a comfortable gearing level with consolidated net debt to equity of 1.21 to 1 and consolidated net debt to EBITDA of 2.91 to 1 times.