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| Energy Development Corporation net income rises 446% to PhP7.58 billion in 9 months |
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ENERGY Development Corporation (EDC) posted a net income of P7.58B for the first three quarters of 2010, up by 446% from the year-ago level of P1.39B. EDC president and chief operating officer Richard Tantoco attributed the income boost to a number of nonrecurring items.
These were, primarily, the writedown of approximately P3.0B in deferred tax assets in 2009 further to the implementation of the Renewable Energy Act and P1.7B in other income reported in 2010 with the recovery of an impairment provision on EDC’s input VAT (value added tax) claims. As stand-alone entities, Green Core Geothermal Inc. reported a net loss of P270.1M in contrast to First Gen Hydro Power Corporation’s P1.141B net income for the period. The geothermal leader also reported a 26.8% increase in its core net income to P6.44B from the P5.08B for the same period in 2009. Comments (0)
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