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Geothermal energy sales propel EDC net income to P4.4 billion.(Financial report)
Byline: Emilia Narni J. David
GEOTHERMAL POWER generator Energy Development Corp. (EDC) hiked profits by nearly a third in 2010 due to higher electricity and steam sales despite lower volumes sold from its plants in Leyte and Negros Oriental, the listed firm said in a statement yesterday.
EDC reported that its net income grew by 31% to P4.4 billion last year from P3.4 billion in 2009.
"The increase is primarily attributable to the full-year electricity revenues from its power generation subsidiary Green Core Geothermal, Inc. which operates the Tongonan and Palinpinon geothermal power plants in Leyte and Negros Oriental, respectively," the company said.
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