DMCI Power net income slips 5%
CONSUNJI-LED DMCI Power Corp. (DPC) said net income in the first nine months of the year slipped 5 percent to P324 million following the expiration of its income tax holiday (ITH) for its Masbate operations in September 2016.
Consolidated revenues climbed 18 percent to P2 billion from P1.7 billion in the same period last year, DPC’s parent firm, DMCI Holdings, Inc., told the local bourse on Tuesday.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 18 percent to P554 million compared to P469 million in the previous year.
The off-grid energy supplier posted flat electricity sales volume for the nine-month period due to reduced energy dispatch to the provinces of Mindoro and Palawan.
DPC posted total electricity sales volume of 181.43 gigawatt hours (GWh) between January and September this year.
Power sales to Oriental Mindoro Electric Cooperative hit 38.38 GWh, down 6 percent from 40.98 GWh in the same period last year.
Electricity sold to Palawan Electric Cooperative slipped one percent to 69.32 GWh from last year’s 69.96 GWh. But sales volume to Masbate Electric Cooperative increased 4 percent to 73.73 GWh from 70.82 GWh in the previous year.
The marginal 0.2 percent dip in total sales volume, however, was offset by a 19 percent gain in the average selling price, primarily boosted by higher fuel prices, DPC said.
“Despite our flattish sales and ITH expiration, our profitability remains strong. Our pretax earnings actually grew 11 percent year- on-year,” DPC president Nestor Dadivas said.
DPC is in the business of operating and maintaining bunker- fired power plants and diesel generating sets in parts of Masbate, Oriental Mindoro, Palawan and Sultan Kudarat.