EDC nets almost P9-B in profits


Posted at Nov 20 2012 01:35 PM | Updated as of Nov 20 2012 09:35 PM

MANILA, Philippines - Energy Development Corp. (EDC) raked in P8.57 billion in net income in the nine months to September, a turn around from a loss of P488 million a year ago.

"The increase was boosted mainly by revenues from EDC subsidiaries Green Core Geothermal, Inc. and First Gen Hydro Power Corp.," EDC said in a statement on Tuesday.

Green Core Geothermal booked P2.16 billion in net earnings, while First Gen Hydro Power raked in P2.77 billion in profits.

Income from the two subsidiaries were partially offset by Bacman Geothermal, Inc.'s net loss of P195 million, EDC said.

EDC's recurring net income amounted to P7.77 billion in the first three quarters, up 96% from P3.97 billion in the same period last year.