Repower Energy Development Corp., a subsidiary of Pure Energy Holdings Corp., reported an 8-percent increase in net income of P96.97 million in the first half of 2024 from P89.86 million a year ago.
REDC said Friday it sustained its growth momentum on steady operations of existing and recently-commissioned Tibag and Lower Labayat run-of-the-river mini hydropower plants.
REDC’s gross revenues grew to P281.34 million from P219.54 million on a year-over-year basis, having eight hydropower plants in operation with a combined capacity of 16 megawatts.
“REDC’s financial results for the first half of 2024 demonstrate that the company remains on the right track in its goal of expanding its portfolio of run-of-the-river hydropower plants nationwide,” REDC president and chief executive Eric Peter Roxas said.
“Moving forward, a critical objective for us will be to continue growing our revenues, while exercising greater control over the expenditures, in order to maximize our profitability for the remainder of the year as well as in 2025,” he said.
The company’s gross sale of electricity in the second quarter increased year on year to P110.83 million from P98.58 million.
Gross expenses sharply increased to P65.92 million from P46.87 million, with the commissioning of its two new plants.
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