The financial picture for publicly-listed Energy Development Corporation (EDC) continues on the rosy side as its first half income climbed 113.7-percent to P5.74 billion from last year’s P2.69 billion.

In a disclosure to the Philippine Stock Exchange (PSE), the company explained that the major driver in its profitability in six months has been revenue take from its power plant operations.

The Lopez-controlled firm’s core net income also jumped to P4.85 billion, 89.2-percent higher from the year-ago level of P2.57 billion.

EDC president and chief operating officer Richard B. Tantoco reinforced that “the successful acquisition of NPC-owned geothermal power plants is an integral component of our forward integration growth strategy.”

Notably, it has been its subsidiary First Gen Hydro, operator of the 122.5-megawatt Pantabangan-Masiway hydroelectric plant that contributed the chunk of P1.06 billion to the income growth.

The company’s 106-megawatt Mt. Apo geothermal facilities in Mindanao also helped boost the company’s bottomline, having registered improved income of P436.4 million from P343.2 million.

That had been mainly traced to the elimination of its Build-Operate-Transfer (BOT) fees following the turnover of the assets to the company when its contract with state-run National Power Corporation (NPC) lapsed last year.

Nevertheless, there was a reversal of fate in the case of its geothermal facilities in Visayas – the 305-MW Tongonan I and Palinpinon power plants which are under Green Core Geothermal Inc. – for revenue from their operations logged a net loss of P0.26 billion during the period.

As far as concerns on probable immediate loss steam revenues on the company’s acquisition of the Bacon-Manito geothermal plants, Tantoco noted the “purchase of the power plant remains to be value-enhancing for the company.”

With an offer of $28.25 million, EDC was declared by seller Power Sector Assets and Liabilities Management Corporation (PSALM) as the highest bidder in the 150-MW BacMan geothermal facilities.

The company laid down plans of pursuing rehabilitation of the acquired assets within a stretch of 18  to 24 months to bring them back to full capacity.

Tantoco added that the company’s financial strengthening was also attained partly on their move to re-align the currency mix as well as smoothening out lumpy maturities on loan obligations.

He further stressed with such combined strategies “we can sustain this momentum for the balance of the year with the continued seamless integration of the newly acquired plants with their fuel source – steamfields that we have been operating for the past three decades.”