PNOC-Energy Development Corp., the country's top geothermal power producer, reported yesterday that its net income in 2007 reached almost double at P12.81 billion.

Its net income was at P6.8 billion in 2006.

In a report to the Philippine Stock Exchange, PNOC-EDC said its revenues in 2007 reached P18.78 billion while its operating expenses stood at P8.8 billion.

The company said its other income totaled P3.75 billion, derived mainly from foreign exchange gains, and reported a long-term debt of P20 billion.

PNOC-EDC, which owns, among others, the Northern Negros Geothermal Power Plant in Bago and Murcia , is involved in geothermal steam production and power generation business, and drilling and drilling and consultancy services.

First Gen-led consortium Red Vulcan Holdings Corp. now controls the PNOC-EDC, after the government sold its 60 percent shares to the group in Nov. 29, 2007.

Oscar Lopez, chairman of the First Gen Corp., had earlier said the First Gen will also bid for the Palinpinon-Dingle generation package set to be disposed by the PSALM Corp. in first quarter this year.

The generation package consists of the 192.5-MW Palinpinon Geothermal Power Plant in Valencia , Negros Oriental and the 146.5-MW Panay Diesel Power Plant located in Dingle, Iloilo.*NLG

back to top