CREC bottom line gains from higher power sales

Citicore Renewable Energy Corp. (CREC), led by tycoon Edgar Saavedra, got a boost from stronger electricity sales as its profit in the first nine months climbed 28 percent.

In a stock filing on Monday, the company said its net income from January to September had reached P965.64 million from P754.92 million a year earlier.

Its top line also jumped 13 percent to P3.8 billion on higher power sales, which hit P3.26 billion.

Lease income booked by its real estate investment trust CREIT, was at P487 million, flat from a year ago.

Earnings before interest, taxes and depreciation stood at P1.4 billion, up 15 percent.

Operating expenses during the January to September period increased by 35 percent to P116.95 million.

“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider,” said president and chief executive officer Oliver Tan.

“We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energizing our 1 gigawatt (GW) per year in five years,” he said in a statement.

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Last September, the firm launched what it called the country’s “first solar baseload power plant,” a P10-billion facility equipped with a storage system in Batangas.

“Our Batangas solar plant, with its battery energy storage system and also equipped with our pioneering AgroSolar Initiative, proves that reliable, round-the-clock renewable power is possible in the Philippines,” Tan said.

CREC’s 42-megawatt (MW) solar farm in Pampanga was also activated earlier.

As of end-September, the group’s installed capacity reached 526 MW.