CREC profit rises on higher power sales
Citicore Renewable Energy Corp. (CREC) registered an 8-percent rise in net income for the January to March period, with its power sales fueling the growth.
In a disclosure on Thursday, the clean energy firm said its first-quarter earnings increased to P230.34 million from P213.03 million a year ago.
Revenues also surged by 41 percent to P1.41 billion from the previous P998.5 million. Revenue contributions from electricity sales alone reached P1.2 billion, a 46.6-percent rise from P821.96 million.
Earnings before interest, taxes and depreciation stood at P388 million, higher by 8 percent from P359 million.
“Our double-digit growth in electricity sales is a testament to the market’s belief in Citicore’s ability to deliver end-to-end, renewable energy solutions for our climate-conscious customer base,” said Oliver Tan, CREC president and CEO.
