CONSUNJI-LED DMCI Power Corp. said reduced energy dispatch to Mindoro and Palawan resulted in “flat” electricity sales volume at 181.43 gigawatt-hours (GWh) from January to September.
In a disclosure to the stock exchange, its parent firm DMCI Holdings, Inc. said the off-grid energy supplier registered an 18% increase in consolidated revenues during the nine-month period to P2 billion from P1.7 billion.
Net income slipped by 5% to P324 million from P341 million after the expiration of DMCI Power’s income tax holiday (ITH) for its Masbate operations in September 2016.
“Despite our flattish sales and ITH expiration, our profitability remains strong. Our pre-tax earnings actually grew 11% year on year,” said DMCI Power President Nestor D. Dadivas in a statement.
The company said energy sales to Palawan Electric Cooperative slipped by 1% to 69.32 GWh from 69.96 GWh, while volume sales to Oriental Mindoro Electric Cooperative shrunk 6% to 38.38 GWh from 40.98 GWh.
Of DMCI Power’s market, only Masbate recorded growth, as sales volume to Masbate Electric Cooperative grew, although at a modest 4% to 73.73 GWh from 70.82 GWh.
The marginal 0.2% decline in total sales volume was offset by a 19% rise in the average selling price, which the company said was driven by higher fuel prices.
As of September, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 18% to P554 million compared to P469 million in the same period last year.
DMCI Power operates and maintains bunker-fired power plants and diesel generating sets in parts of Masbate, Oriental Mindoro, Palawan and Sultan Kudarat. — Victor V. Saulon