March 03, 2014

EDC's reports 2013 recurring net income of P6.6b

Energy Development Corporation (EDC) reported recurring net income of P6.6b, down 20% YoY. This is equivalent to 80% of consensus full-year forecast of P8.3b and 81% of our own full-year estimate of P8.1b. Consolidated attributablenet income stood at P4.7b in 2013, down 46% YoY.

The 2013 net income was weighed down by P1.3b in unrealized forex loss in 2013 vs. the P1.1b in forex gains in 2012 given the weakening of the peso last year, as well as the P0.6b provision for damages sustained from the supertyphoon that hit Leyte in November last year. – WealthSec