Image via WikipediaEnergy Development Corp., the country’s biggest producer of geothermal energy, posted a 31-percent increase in its net income to P4.4 billion as of end-2010 from the previous year’s level.
In a statement, EDC said the profit growth could be attributed to the revenue generated by its power generation subsidiary, Green Core Geothermal Inc. (GCGI), which operates the 112.5-MW Tongonan 1 and 192.5-MW Palinpinon geothermal power plants in Leyte and Negros Oriental, respectively.
The Lopez-led firm also reported that its gross revenue from the sale of consolidated steam and electricity rose by 27 percent to P24.2 billion as of end-2010. This was despite a decline in the volume sold during the year, amounting to 7,548.6 gigawatt-hours.
Electricity sales formed the bulk of the revenue at P22.9 billion (6,883 gWh).
Last year, EDC posted P19 billion in gross revenue from the sale of 8,214.2 gWh of steam and electricity.
http://business.inquirer.net/money/topstories/view/20110317-326012/EDC-10-profit-jumps-31
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