Repower Energy Development Corp. is optimistic that it would further grow its earnings for the rest of the year, mainly driven by the commissioning of its hydropower plant.
In a stock exchange disclosure on Wednesday, the company reported an attributable net income of P40.40 million for the second quarter, a reversal of the P12.39-million net loss incurred in the same period last year.
“The third and fourth quarters of 2023 is expected to likewise grow further with the commissioning of the Tibag 5.8-megawatt (MW) plant last June and the Lower Labayat presently undergoing testing and commissioning,” it said.
For the April-to-June period, Repower Energy saw its gross revenues increase by 48.6% to P105.35 million from the P70.91 million reported a year ago.
For the first semester, its attributable net income reached P88.65 million, reversing the P28.78-million net loss a year ago.
Repower Energy’s net income for the period climbed more than threefold to P95.70 million from P27.32 million previously, which is mainly due to the contribution of its two power plants, the Tibag and the Lower Labayat hydroelectric facilities.
For the first half, Repower Energy’s gross revenues jumped 64.5% to P226.31 million from P137.57 million in the corresponding period a year ago.
Repower Energy, a subsidiary of Pure Energy Holdings Corp., has set a target of expanding its installed capacity by 1 gigawatt in the next five years, with its main focus on hydropower plants.
It debuted on the Philippine Stock Exchange last July 24 where it raised P1.15 billion to fund the expansion of its renewable energy portfolio. — Ashley Erika O. Jose
