DMCI Power net in­come slips 5%

Manila Times - - BUSINESS - JORDEENE LAGARE

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.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.