The Energy Development Corporation, the country’s largest geothermal and wind energy company, posted consolidated revenues of P33.3 billion and recurring net income attributable (RNIA) to equity holders of the Parent of P8.8B for 2017, its press release said.
EDC operates the Palinpinon Geothermal Plant which has a capacity of 222.5-megawatt and the Nasulo geothermal facility inaugurated in 2014, which produces 49.4MW, in Negros Oriental.
Revenues and RNIA dropped by 3 percent and 4 percent, respectively, due to the strong 6.5 magnitude earthquake that hit Leyte island July 2017, and typhoon Urduja that struck in late December last year.
Although the company was able to restore 40 percent of its pre-earthquake Leyte capacity within 10 days in July, and the rest in the succeeding months, it still saw revenues from its largest business unit fall by P0.8B, the press release said.
Meanwhile, EDC’s Bacman business unit delivered an additional P0.9B in revenues on account of higher contracted volume, to negate the lower generation volume of its Palinpinon power plants. Its Burgos wind farm, the largest in the country, also built on its strong 2016 performance to post its highest volume (16 percent higher in 2017) since it was commissioned in 2014.
For the full year 2017, the company’s financial position remained strong with a cash balance of P11.7B. It maintained a comfortable gearing level with consolidated debt to equity of 1.11x and consolidated net debt to EBITDA of 2.79x.
EDC was also in the news recently for making it to the Carbon Clean 200™ list, and the only Philippine company in the list of the world’s largest publicly-traded firms that lead the way with solutions for the transition to a clean energy future, the press release added.*
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