Repower Energy Development Corp. or REDC, the pure hydropower subsidiary arm of Pure Energy Holdings Corp., reported double-digit profit growth in the first nine months of the year due to the robust performance of its assets.
The listed firm disclosed on Tuesday that its net income in the first nine months grew by 31.48 percent to P141.6 million from P107.7 million in the same period a year ago.
Revenues from January to September, on the other hand, surged by 29.41 percent to P329.6 million from P254.7 million last year.
REDC attributed the financial gains to the strong performance of its existing plants, which were further complimented by the initial operations of the 5.8-megawatt (MW) Tibag hydropower plant in June.
During the third quarter alone, the company's power generation across its portfolio grew to 19.376 kilowatt-hours (kWh) from 17.036m kWh for the same period last year.
"REDC's net income for this fiscal period reflects the returns on the investments we have made to expand our portfolio across the country," REDC president Eric Peter Y. Roxas said.
"The most recent financial results reflect this ongoing trend we have been experiencing over the past few years," Roxas added.
With the new plant running at its full capacity, REDC is bullish that its net income by the end of the year could reach close to P250 million. By 2024, the company targets to have a bottom line profit of P450 million.