DMCI Power Corporation (DPC), the off-grid energy unit of diversified engineering conglomerate DMCI Holdings, reported a first semester net income of P228 million, a 5 percent dip from P240 million during the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said it posted a slight decline in earnings following the expiration of its income tax holiday for its Masbate operations in September 2016.
The impact of the ITH expiration was mitigated by the growth in energy sales volume in Masbate and Palawan, coupled with the commercial operations of its bunker-fired power plant in Aborlan, Palawan.
“Our pre-tax income is a better indicator of our financial performance. We actually grew by double digits year-on-year,” said DPC President Nestor D. Dadivas.
DPC logged a 15 percent increase in EBITDA from P330 million to P379 million.
“Serving the missionary areas makes good business sense. We are optimistic that we will meet our targets for this year”, he added.
DPC was established in 2006 to energize the small and remote islands in the country that are not connected to the main power grid. It currently operates in Masbate, Palawan, Oriental Mindoro and Sultan Kudarat.