July 25, 2013

EDC posts 8% income hike

Energy Development Corp. (EDC) posted a recurring net income of P4.2 B in the first half of the year, eight% higher than the year-ago figure of P3.9  B.

On the other hand, its reported net income went down 33% to P3.8 B in the first half of the year from P5.7 B partly due to foreign exchange losses of P800 M.

First half revenues dipped five% to P13.4 B from the year ago level of P14.1 B of account of increased competition for ancillary services market.

EDC said the lower revenue contribution from another subsidiary FGHydro was partially offset by the higher contracted revenues by GCGI. - WealthSec